Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 0-2989 | ||
Entity Registrant Name | COMMERCE BANCSHARES, INC. | ||
Entity Incorporation, State or Country Code | MO | ||
Entity Tax Identification Number | 43-0889454 | ||
Entity Address, Address Line One | 1000 Walnut, | ||
Entity Address, City or Town | Kansas City, | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64106 | ||
City Area Code | 816 | ||
Local Phone Number | 234-2000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,067,000,000 | ||
Entity Common Stock, Shares Outstanding | 112,086,942 | ||
Entity Central Index Key | 0000022356 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | $5 Par Value Common Stock | ||
Trading Symbol | CBSH | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Depositary Shrs, each representing a 1/1000th intrst in a shr of 6.0% Non-Cum. Perp Pref Stock, Srs B | ||
Trading Symbol | CBSHP | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Loans | $ 14,737,817 | $ 14,140,298 |
Allowance for loan losses | (160,682) | (159,932) |
Net loans | 14,577,135 | 13,980,366 |
Loans held for sale | 13,809 | 20,694 |
Investment securities: | ||
Debt Securities, Available-for-sale | 8,571,626 | 8,538,041 |
Trading | 28,161 | 27,059 |
Equity Securities, FV-NI and without Readily Determinable Fair Value | 4,209 | 4,409 |
Other Securities | 137,892 | 129,157 |
Total investment securities | 8,741,888 | 8,698,666 |
Federal funds sold and short-term securities purchased under agreements to resell | 0 | 3,320 |
Long-term securities purchased under agreements to resell | 850,000 | 700,000 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 395,850 | 689,876 |
Cash and due from banks | 491,615 | 507,892 |
Land, buildings and equipment – net | 370,637 | 333,119 |
Goodwill | 138,921 | 138,921 |
Other intangible assets – net | 9,534 | 8,794 |
Other assets | 476,400 | 382,194 |
Total assets | 26,065,789 | 25,463,842 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Non-interest bearing | 6,890,687 | 6,980,298 |
Savings, interest checking and money market | 11,621,716 | 11,685,239 |
Time open and C.D.’s of less than $100,000 | 626,157 | 586,091 |
Time open and C.D.'s of $100,000 and over | 1,381,855 | 1,072,031 |
Total deposits | 20,520,415 | 20,323,659 |
Federal funds purchased and securities sold under agreements to repurchase | 1,850,772 | 1,956,389 |
Other borrowings | 2,418 | 8,702 |
Other liabilities | 553,712 | 237,943 |
Total liabilities | 22,927,317 | 22,526,693 |
Commerce Bancshares, Inc. stockholders’ equity: | ||
Preferred stock, $1 par value | 144,784 | 144,784 |
Common stock, $5 par value | 563,978 | 559,432 |
Capital surplus | 2,151,464 | 2,084,824 |
Retained earnings | 201,562 | 241,163 |
Treasury stock, at cost | (37,548) | (34,236) |
Accumulated other comprehensive income | 110,444 | (64,669) |
Total Commerce Bancshares, Inc. stockholders’ equity | 3,134,684 | 2,931,298 |
Non-controlling interest | 3,788 | 5,851 |
Total equity | 3,138,472 | 2,937,149 |
Total liabilities and equity | $ 26,065,789 | $ 25,463,842 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage Loans: | ||
Mortgages Held-for-sale, Fair Value Disclosure | $ 9,181,000 | $ 13,529,000 |
Investment Securities: | ||
Available for sale securities, pledged | $ 204,942,000 | $ 463,325,000 |
Stockholders' Equity: | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 6,000 | 6,000 |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 140,000,000 | 120,000,000 |
Common stock, shares issued | 112,795,605 | 11,886,450 |
Treasury stock, shares | 445,952 | 555,100 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
INTEREST INCOME | ||||
Interest and fees on loans | $ 663,338 | $ 625,083 | $ 543,825 | |
Interest on loans held for sale | 1,209 | 1,298 | 1,000 | |
Interest on investment securities | 237,487 | 240,187 | 214,689 | |
Interest on federal funds sold and short-term securities purchased under agreements to resell | 55 | 519 | 230 | |
Interest on long-term securities purchased under agreements to resell | 15,898 | 15,881 | 15,440 | |
Interest on deposits with banks | 6,698 | 6,233 | 2,223 | |
Total interest income | 924,685 | 889,201 | 777,407 | |
INTEREST EXPENSE | ||||
Savings, interest checking and money market | 39,712 | 27,803 | 17,309 | |
Certificates of deposit of less than $100,000 | 6,368 | 3,215 | 2,645 | |
Certificates of deposit of $100,000 and over | 26,945 | 14,658 | 10,859 | |
Interest on federal funds purchased and securities sold under agreements to repurchase | 29,415 | 19,655 | 9,829 | |
Interest on other borrowings | 952 | 45 | 3,086 | |
Total interest expense | 103,392 | 65,376 | 43,728 | |
Net interest income | 821,293 | 823,825 | 733,679 | |
Provision for loan losses | 50,438 | 42,694 | 45,244 | |
Net interest income after provision for loan losses | 770,855 | 781,131 | 688,435 | |
NON-INTEREST INCOME | ||||
Bank card transaction fees | 167,879 | 171,576 | 155,100 | |
Trust fees | 155,628 | 147,964 | 135,159 | |
Deposit account charges and other fees | 95,983 | 94,517 | 90,060 | |
Capital market fees | 8,146 | 7,721 | 7,996 | |
Consumer brokerage | 15,804 | 15,807 | 14,630 | |
Loan fees and sales | 15,767 | 12,723 | 13,948 | |
Other | 65,496 | 51,033 | 44,370 | |
Total non-interest income | 524,703 | 501,341 | 461,263 | |
INVESTMENT SECURITIES GAINS (LOSSES), NET | ||||
Investment securities gains (losses), net | [1] | 3,626 | (488) | 25,051 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 492,927 | 468,194 | 448,321 | |
Net occupancy | 47,157 | 46,044 | 45,612 | |
Equipment | 19,061 | 18,125 | 18,568 | |
Supplies and communication | 20,394 | 20,637 | 22,790 | |
Data processing and software | 92,899 | 85,978 | 80,998 | |
Marketing | 21,914 | 20,548 | 16,325 | |
Deposit insurance | 6,676 | 11,546 | 13,986 | |
Community Service | 2,446 | 2,445 | 34,377 | |
Other | 63,924 | 64,304 | 63,366 | |
Total non-interest expense | 767,398 | 737,821 | 744,343 | |
Income before income taxes | 531,786 | 544,163 | 430,406 | |
Less income taxes | 109,074 | 105,949 | 110,506 | |
Net income | 422,712 | 438,214 | 319,900 | |
Less non-controlling interest expense | 1,481 | 4,672 | 517 | |
NET INCOME ATTRIBUTABLE TO COMMERCE BANCSHARES, INC. | 421,231 | 433,542 | 319,383 | |
Preferred stock dividends | 9,000 | 9,000 | 9,000 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 412,231 | $ 424,542 | $ 310,383 | |
Net income per common share - basic (in dollars per share) | $ 3.59 | $ 3.61 | $ 2.63 | |
Net income per common share - diluted (in dollars per share) | $ 3.58 | $ 3.60 | $ 2.62 | |
[1] | Available for sale debt securities, equity securities, and other securities. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 422,712 | $ 438,214 | $ 319,900 |
Other comprehensive income (loss): | |||
Net unrealized gains (losses) on securities for which a portion of an other-than-temporary impairment has been recorded in earnings | (632) | (277) | 412 |
Net unrealized gains (losses) on other securities | 151,122 | (55,631) | 3,022 |
Change in pension loss | 1,167 | 664 | (301) |
Unrealized gain (loss) on cash flow hedge derivatives | 23,456 | 6,855 | 0 |
Other comprehensive income (loss) | 175,113 | (48,389) | 3,133 |
Comprehensive income | 597,825 | 389,825 | 323,033 |
Non-controlling interest expense | 1,481 | 4,672 | 517 |
Comprehensive income attributable to Commerce Bancshares, Inc. | $ 596,344 | $ 385,153 | $ 322,516 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
OPERATING ACTIVITIES: | ||||
Net income | $ 422,712 | $ 438,214 | $ 319,900 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for loan losses | 50,438 | 42,694 | 45,244 | |
Provision for depreciation and amortization | 41,145 | 38,679 | 39,732 | |
Amortization of investment security premiums, net | 27,631 | 26,224 | 35,423 | |
Deferred income tax (benefit) expense | 14,195 | 5,336 | 13,617 | |
Investment securities (gains) losses, net | [1] | (3,626) | 488 | (25,051) |
Net gains on sales of loans held for sale | (10,127) | (6,370) | (8,008) | |
Proceeds from sales of loans held for sale | 259,153 | 208,431 | 215,373 | |
Origination Of Loans Held For Sale | (244,976) | (203,775) | (216,064) | |
Net (increase) decrease in trading securities | 3,863 | (14,277) | 7,585 | |
Stock-based compensation | 13,854 | 12,841 | 12,105 | |
(Increase) decrease in interest receivable | 3,316 | (4,258) | (4,459) | |
Increase (decrease) in interest payable | 5,586 | 2,137 | 38 | |
Increase (decrease) in income taxes payable | 14,465 | 12,288 | (27,685) | |
Donation of securities | 0 | 0 | 32,036 | |
Gain on sale of Corporate Trust business | (11,472) | 0 | 0 | |
Other changes, net | (73,363) | (5,992) | (13,259) | |
Net cash provided by (used in) operating activities | 512,794 | 552,660 | 426,527 | |
INVESTING ACTIVITIES | ||||
Proceeds from sales of available for sale securities | [1] | 413,203 | 708,864 | 792,380 |
Proceeds from maturities/pay downs of available for sale securities | [1] | 1,558,244 | 1,510,985 | 1,899,640 |
Purchases of available for sale securities | [1] | (1,863,180) | (2,090,333) | (1,853,817) |
Net (increase) decrease in loans | (647,890) | (200,673) | (614,849) | |
Repayments of long-term securities purchased under agreements to resell | (150,000) | (100,000) | (75,000) | |
Proceeds from Securities Purchased under Agreements to Resell | 0 | 100,000 | 100,000 | |
Purchases of land, buildings and equipment | (42,575) | (33,294) | (30,824) | |
Sales of land, buildings and equipment | 2,033 | 13,427 | 3,190 | |
Net cash provided by (used in) investing activities | (730,165) | (91,024) | 220,720 | |
FINANCING ACTIVITIES | ||||
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits | 85,438 | 60,278 | (15,036) | |
Net increase (decrease) in time open and C.D.’s | 349,890 | (108,742) | (474,044) | |
Net increase (decrease) in short-term federal funds purchased and securities sold under agreements to repurchase | (105,617) | 449,251 | (216,767) | |
Increase (decrease) in other borrowings | (6,394) | 6,944 | (100,291) | |
Purchases of treasury stock | (134,904) | (75,231) | (17,771) | |
Accelerated stock repurchase agreement | 150,000 | 0 | 0 | |
Issuance of stock under equity compensation plans | (8) | (10) | (8) | |
Cash dividends paid on common stock | (113,466) | (100,238) | (91,619) | |
Cash dividends paid on preferred stock | (9,000) | (9,000) | (9,000) | |
Net cash provided by (used in) financing activities | (84,061) | 223,252 | (924,536) | |
Increase (decrease) in cash and cash equivalents | (301,432) | 684,888 | (277,289) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Year | 1,209,240 | 524,352 | 801,641 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Year | 907,808 | 1,209,240 | 524,352 | |
Supplemental Cash Flow Information: | ||||
Income tax payments, net | 76,168 | 84,172 | 120,744 | |
Interest paid on deposits and borrowings | 97,806 | 63,239 | 43,690 | |
Loans transferred to foreclosed real estate | $ 581 | $ 1,551 | $ 2,063 | |
[1] | Available for sale debt securities, equity securities, and other securities. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest |
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-09 [Member] | $ 1,297 | $ 3,441 | $ (2,144) | |||||
Balance at Dec. 31, 2016 | 2,501,132 | $ 144,784 | $ 510,015 | 1,552,454 | 292,849 | $ (15,294) | $ 10,975 | $ 5,349 |
Net income | 319,900 | 319,383 | 517 | |||||
Other comprehensive income | 3,133 | 3,133 | ||||||
Distributions to non-controlling interest | (1,293) | (1,293) | ||||||
Sale of non-controlling interest in subsidiary | 1 | 2,950 | (2,949) | |||||
Purchase of treasury stock | (17,771) | (17,771) | ||||||
Cash dividends paid on common stock | (91,619) | (91,619) | ||||||
Cash dividends paid on preferred stock | (9,000) | (9,000) | ||||||
Stock-based compensation | 12,105 | 12,105 | ||||||
Issuance under stock purchase and equity compensation plans | 858 | (17,734) | 18,592 | |||||
5% stock dividend, net | (559) | 25,392 | 262,144 | (288,095) | ||||
Balance at Dec. 31, 2017 | 2,718,184 | 144,784 | 535,407 | 1,815,360 | 221,374 | (14,473) | 14,108 | 1,624 |
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-02 [Member] | 0 | (2,932) | 2,932 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-01 [Member] | 0 | 33,320 | (33,320) | |||||
Net income | 438,214 | 433,542 | 4,672 | |||||
Other comprehensive income | (48,389) | (48,389) | ||||||
Distributions to non-controlling interest | (445) | (445) | ||||||
Purchase of treasury stock | (75,231) | (75,231) | ||||||
Cash dividends paid on common stock | (100,238) | (100,238) | ||||||
Cash dividends paid on preferred stock | (9,000) | (9,000) | ||||||
Stock-based compensation | 12,841 | 12,841 | ||||||
Issuance under stock purchase and equity compensation plans | 1,792 | (21,632) | 23,424 | |||||
5% stock dividend, net | (579) | 24,025 | 278,255 | (334,903) | 32,044 | |||
Balance at Dec. 31, 2018 | 2,937,149 | 144,784 | 559,432 | 2,084,824 | 241,163 | (34,236) | (64,669) | 5,851 |
Net income | 422,712 | 421,231 | 1,481 | |||||
Other comprehensive income | 175,113 | 175,113 | ||||||
Distributions to non-controlling interest | (3,544) | (3,544) | ||||||
Purchase of treasury stock | (134,904) | (134,904) | ||||||
Accelerated share repurchase | (150,000) | (150,000) | ||||||
Cash dividends paid on common stock | (113,466) | (113,466) | ||||||
Cash dividends paid on preferred stock | (9,000) | (9,000) | ||||||
Stock-based compensation | 13,854 | 13,854 | ||||||
Issuance under stock purchase and equity compensation plans | 1,351 | (19,293) | 20,644 | |||||
5% stock dividend, net | (793) | 4,546 | 72,079 | (338,366) | 260,948 | |||
Balance at Dec. 31, 2019 | $ 3,138,472 | $ 144,784 | $ 563,978 | $ 2,151,464 | $ 201,562 | $ (37,548) | $ 110,444 | $ 3,788 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends paid on common stock (per share) | $ 0.990 | $ 0.853 | $ 0.777 |
Stock dividend rate (percent) | 5.00% | 5.00% | 5.00% |
Cash dividends paid on preferred stock (per share) | $ 1.500 | $ 1.500 | $ 1.500 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Commerce Bancshares, Inc. and its subsidiaries (the Company) conducts its principal activities from approximately 316 branch and ATM locations throughout Missouri, Kansas, Illinois, Oklahoma and Colorado. Principal activities include retail and commercial banking, investment management, securities brokerage, mortgage banking, trust, and private banking services. The Company also maintains commercial banking offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Basis of Presentation The Company follows accounting principles generally accepted in the United States of America (GAAP) and reporting practices applicable to the banking industry. The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes. These estimates are based on information available to management at the time the estimates are made. While the consolidated financial statements reflect management’s best estimates and judgments, actual results could differ from those estimates. The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries (after elimination of all material intercompany balances and transactions). Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no effect on net income or total assets. Management has evaluated subsequent events for potential recognition or disclosure through the date these consolidated financial statements were issued. The Company, in the normal course of business, engages in a variety of activities that involve variable interest entities (VIEs). A VIE is a legal entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. However, an enterprise is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. An enterprise that is the primary beneficiary must consolidate the VIE. The Company’s interests in VIEs are evaluated to determine if the Company is the primary beneficiary both at inception and when there is a change in circumstances that requires a reconsideration. The Company is considered to be the primary beneficiary in a rabbi trust related to a deferred compensation plan offered to certain employees. The assets and liabilities of this trust, which are included in the accompanying consolidated balance sheets, are not significant. The Company also has variable interests in certain entities in which it is not the primary beneficiary. These entities are not consolidated. These interests include affordable housing limited partnership interests, holdings in its investment portfolio of various asset and mortgage-backed bonds that are issued by securitization trusts, and managed discretionary trust assets that are not included in the accompanying consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash In the accompanying consolidated statements of cash flows, cash and cash equivalents include “Cash and due from banks”, “Federal funds sold and short-term securities purchased under agreements to resell”, and “Interest earning deposits with banks” as segregated in the accompanying consolidated balance sheets. Restricted cash is comprised of cash collateral on deposit with another financial institution to secure interest rate swap transactions. Restricted cash is included in other assets in the consolidated balance sheets and totaled $20.3 million and $8.2 million at December 31, 2019 and 2018 , respectively. Regulations of the Federal Reserve System require cash balances to be maintained at the Federal Reserve Bank, based on certain deposit levels. The minimum reserve requirement for the Bank at December 31, 2019 totaled $160.7 million . Other interest earning cash balances held at the Federal Reserve Bank totaled $395.9 million . Loans and Related Earnings Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of undisbursed loan proceeds, the allowance for loan losses, and any deferred fees and costs on originated loans. Origination fee income received on loans and amounts representing the estimated direct costs of origination are deferred and amortized to interest income over the life of the loan using the interest method. Interest on loans is accrued based upon the principal amount outstanding. Interest income is recognized primarily on the level yield method. Loan and commitment fees, net of costs, are deferred and recognized in income over the term of the loan or commitment as an adjustment of yield. Annual fees charged on credit card loans are capitalized to principal and amortized over 12 months to loan fees and sales. Other credit card fees, such as cash advance fees and late payment fees, are recognized in income as an adjustment of yield when charged to the cardholder’s account. Non-Accrual Loans Loans are placed on non-accrual status when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. Business, construction real estate, business real estate, and personal real estate loans that are contractually 90 days past due as to principal and/or interest payments are generally placed on non-accrual, unless they are both well-secured and in the process of collection. Consumer, revolving home equity and credit card loans are exempt under regulatory rules from being classified as non-accrual. When a loan is placed on non-accrual status, any interest previously accrued but not collected is reversed against current income, and the loan is charged off to the extent uncollectible. Principal and interest payments received on non-accrual loans are generally applied to principal. Interest is included in income only after all previous loan charge-offs have been recovered and is recorded only as received. The loan is returned to accrual status only when the borrower has brought all past due principal and interest payments current, and, in the opinion of management, the borrower has demonstrated the ability to make future payments of principal and interest as scheduled. A six month history of sustained payment performance is generally required before reinstatement of accrual status. Troubled Debt Restructurings A loan is accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. A troubled debt restructuring typically involves (1) modification of terms such as a reduction of the stated interest rate, loan principal, or accrued interest, (2) a loan renewal at a stated interest rate lower than the current market rate for a new loan with similar risk, or (3) debt that was not reaffirmed in bankruptcy. Business, business real estate, construction real estate and personal real estate troubled debt restructurings with impairment charges are placed on non-accrual status. The Company measures the impairment loss of a troubled debt restructuring in the same manner as described below. Troubled debt restructurings which are performing under their contractual terms continue to accrue interest which is recognized in current earnings. Impaired Loans Loans are evaluated regularly by management for impairment. Included in impaired loans are all non-accrual loans, as well as loans that have been classified as troubled debt restructurings. Once a loan has been identified as impaired, impairment is measured based on either the present value of the expected future cash flows at the loan’s initial effective interest rate or the fair value of the collateral if collateral dependent. Factors considered in determining impairment include delinquency status, cash flow analysis, credit analysis, and collateral value and availability. Loans Held For Sale Loans held for sale include student loans and certain fixed rate residential mortgage loans. These loans are typically classified as held for sale upon origination based upon management's intent to sell the production of these loans. The student loans are carried at the lower of aggregate cost or fair value, and their fair value is determined based on sale contract prices. The mortgage loans are carried at fair value under the elected fair value option. Their fair value is based on secondary market prices for loans with similar characteristics, including an adjustment for embedded servicing value. Changes in fair value and gains and losses on sales are included in loan fees and sales. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Interest income related to loans held for sale is accrued based on the principal amount outstanding and the loan's contractual interest rate. Occasionally, other types of loans may be classified as held for sale in order to manage credit concentration. These loans are carried at the lower of cost or fair value with gains and losses on sales recognized in loan fees and sales. Allowance/Provision for Loan Losses The allowance for loan losses is maintained at a level believed to be appropriate by management to provide for probable loan losses inherent in the portfolio as of the balance sheet date, including losses on known or anticipated problem loans as well as for loans which are not currently known to require specific allowances. Management has established a process to determine the amount of the allowance for loan losses which assesses the risks and losses inherent in its portfolio. Business, construction real estate and business real estate loans are normally larger and more complex, and their collection rates are harder to predict. These loans are more likely to be collateral dependent and are allocated a larger reserve, due to their potential volatility. Personal real estate, credit card, consumer and revolving home equity loans are individually smaller and perform in a more homogenous manner, making loss estimates more predictable. Management’s process provides an allowance consisting of a specific allowance component based on certain individually evaluated loans and a general component based on estimates of reserves needed for pools of loans. Loans subject to individual evaluation generally consist of business, construction real estate, business real estate and personal real estate loans on non-accrual status. These impaired loans are evaluated individually for the impairment of repayment potential and collateral adequacy. Other impaired loans identified as performing troubled debt restructurings are collectively evaluated because they have similar risk characteristics. Loans which have not been identified as impaired are segregated by loan type and sub-type and are collectively evaluated. Reserves calculated for these loan pools are estimated using a consistent methodology that considers historical loan loss experience by loan type, loss emergence periods, delinquencies, current economic factors, loan risk ratings and industry concentrations. The Company’s estimate of the allowance for loan losses and the corresponding provision for loan losses is based on various judgments and assumptions made by management. The amount of the allowance for loan losses is influenced by several qualitative factors which include collateral valuation, evaluation of performance and status, current loan portfolio composition and characteristics, trends in delinquencies, portfolio risk ratings, levels of non-performing assets, and prevailing regional and national economic and business conditions. The estimates, appraisals, evaluations, and cash flows utilized by management may be subject to frequent adjustments due to changing economic prospects of borrowers or properties. These estimates are reviewed periodically and adjustments, if necessary, are recorded in the provision for loan losses in the periods in which they become known. Loans, or portions of loans, are charged off to the extent deemed uncollectible. Loan charge-offs reduce the allowance for loan losses, and recoveries of loans previously charged off are added back to the allowance. Business, business real estate, construction real estate and personal real estate loans are generally charged down to estimated collectible balances when they are placed on non-accrual status. Consumer loans and related accrued interest are normally charged down to the fair value of related collateral (or are charged off in full if no collateral) once the loans are more than 120 days delinquent. Credit card loans are charged off against the allowance for loan losses when the receivable is more than 180 days past due. The interest and fee income previously capitalized but not collected on credit card charge-offs is reversed against interest income. Direct Financing and Sales Type Leases The net investment in direct financing and sales type leases is included in loans on the Company’s consolidated balance sheets and consists of the present values of the sum of the future minimum lease payments and estimated residual value of the leased asset. Revenue consists of interest earned on the net investment and is recognized over the lease term as a constant percentage return thereon. Investments in Debt and Equity Securities The majority of the Company's investment portfolio is comprised of debt securities that are classified as available for sale. From time to time, the Company sells securities and utilizes the proceeds to reduce borrowings, fund loan growth, or modify its interest rate profile. Securities classified as available for sale are carried at fair value. Changes in fair value, excluding certain losses associated with other-than-temporary impairment (OTTI), are reported in other comprehensive income (loss), a component of stockholders’ equity. Securities are periodically evaluated for OTTI in accordance with guidance provided in ASC 320-10-35. For securities with OTTI, the entire loss in fair value is required to be recognized in current earnings if the Company intends to sell the securities or believes it likely that it will be required to sell the security before the anticipated recovery. If neither condition is met, but the Company does not expect to recover the amortized cost basis, the Company determines whether a credit loss has occurred, and the loss is then recognized in current earnings. The noncredit-related portion of the overall loss is reported in other comprehensive income (loss). Gains and losses realized upon sales of securities are calculated using the specific identification method and are included in investment securities gains (losses), net, in the consolidated statements of income. Purchase premiums and discounts are amortized to interest income using a level yield method over the estimated lives of the securities. For certain callable debt securities purchased at a premium, the amortization is instead recorded to the earliest call date. For mortgage and asset-backed securities, prepayment experience is evaluated quarterly to determine if a change in a bond's estimated remaining life is necessary. A corresponding adjustment is then made in the related amortization of premium or discount accretion. Equity securities include common and preferred stock with readily determinable fair values. These are also carried at fair value. Prior to January 1, 2018, changes in fair value were recorded in other comprehensive income. The Company's adoption of ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities", effective January 1, 2018, required that all subsequent changes in fair value be recorded in current earnings. The adoption also required a reclassification of the unrealized gain in fair value on equity securities (recorded in accumulated other comprehensive income at December 31, 2017) to retained earnings. The amount of this reclassification was $33.3 million , net of tax. Certain equity securities do not have readily determinable fair values. The Company has elected under ASU 2016-01 to measure these at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. The Company has not recorded any impairment or other adjustments to the carrying amount of these investments. Other securities include Federal Reserve Bank stock and Federal Home Loan Bank stock, which are held for debt and regulatory purposes. They are carried at cost and periodically evaluated for other-than-temporary impairment. Also included are investments in portfolio concerns held by the Company’s private equity subsidiaries, which consist of both debt and equity instruments. Private equity investments are carried at fair value in accordance with ASC 946-10-15, with changes in fair value reported in current earnings. In the absence of readily ascertainable market values, fair value is estimated using internally developed methods. Changes in fair value which are recognized in current earnings and gains and losses from sales are included in investment securities gains (losses), net in the consolidated statements of income. Trading account securities, which are debt securities bought and held principally for the purpose of resale in the near term, are carried at fair value. Gains and losses, both realized and unrealized, are recorded in non-interest income. Purchases and sales of securities are recognized on a trade date basis. A receivable or payable is recognized for pending transaction settlements. Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions, not as purchases and sales of the underlying securities. The agreements are recorded at the amount of cash advanced or received. The Company periodically enters into securities purchased under agreements to resell with large financial institutions. Securities pledged by the counterparties to secure these agreements are delivered to a third party custodian. Securities sold under agreements to repurchase are a source of funding to the Company and are offered to cash management customers as an automated, collateralized investment account. From time to time, securities sold may also be used by the Bank to obtain additional borrowed funds at favorable rates. These borrowings are secured by a portion of the Company's investment security portfolio and delivered either to the dealer custody account at the FRB or to the applicable counterparty. The fair value of collateral either received from or provided to a counterparty is monitored daily, and additional collateral is obtained, returned, or provided by the Company in order to maintain full collateralization for these transactions. As permitted by current accounting guidance, the Company offsets certain securities purchased under agreements to resell against securities sold under agreements to repurchase in its balance sheet presentation. These agreements are further discussed in Note 20, Resale and Repurchase Agreements. Premises and Equipment Land is stated at cost, and buildings and equipment are stated at cost, including capitalized interest when appropriate, less accumulated depreciation. Depreciation is computed using a straight-line method, utilizing estimated useful lives; generally 30 years for buildings, 10 years for building improvements, and 3 to 10 years for equipment. Leasehold improvements are amortized over the shorter of 10 years or the remaining lease term. Maintenance and repairs are charged to non-interest expense as incurred. Premises and equipment also includes the Company's right-of-use leased assets, which is mainly comprised of operating leases for branches, office space, ATM locations, and certain equipment. Foreclosed Assets Foreclosed assets consist of property that has been repossessed and is comprised of commercial and residential real estate and other non-real estate property, including auto and recreational and marine vehicles. The assets are initially recorded at fair value less estimated selling costs, establishing a new cost basis. Initial valuation adjustments are charged to the allowance for loan losses. Fair values are estimated primarily based on appraisals, third-party price opinions, or internally developed pricing models. After initial recognition, fair value estimates are updated periodically. Declines in fair value below cost are recognized through valuation allowances which may be reversed when supported by future increases in fair value. These valuation adjustments, in addition to gains and losses realized on sales and net operating expenses, are recorded in other non-interest expense. Goodwill and Intangible Assets Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently in certain circumstances. When testing for goodwill impairment, the Company may initially perform a qualitative assessment. Based on the results of this qualitative assessment, if the Company concludes it is more likely than not that a reporting unit's fair value is less than its carrying amount, a quantitative analysis is performed. Quantitative valuation methodologies include a combination of formulas using current market multiples, based on recent sales of financial institutions within the Company's geographic marketplace. If the fair value of a reporting unit is less than the carrying amount, additional analysis is required to measure the amount of impairment. The Company has not recorded impairment resulting from goodwill impairment tests. However, adverse changes in the economic environment, operations of the reporting unit, or other factors could result in a decline in fair value. Intangible assets that have finite useful lives, such as core deposit intangibles and mortgage servicing rights, are amortized over their estimated useful lives. Core deposit intangibles are amortized over periods of 8 to 14 years, representing their estimated lives, using accelerated methods. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. Core deposit intangibles are reviewed for impairment whenever events or changes in circumstances indicate their carrying amount may not be recoverable. Impairment is indicated if the sum of the undiscounted estimated future net cash flows is less than the carrying value of the intangible asset. Mortgage servicing rights, while initially recorded at fair value, are subsequently amortized and carried at the lower of the initial capitalized amount (net of accumulated amortization), or estimated fair value. The Company evaluates its mortgage servicing rights for impairment on a quarterly basis, using estimated prepayment speeds of the underlying mortgage loans serviced and stratifications based on the risk characteristics of the underlying loans. A valuation allowance has been established, through a charge to earnings, to the extent the amortized cost exceeds the estimated fair value. However, the Company has not recorded other-than-temporary impairment losses on either of these types of intangible assets. Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income taxes are provided for temporary differences between the financial reporting bases and income tax bases of the Company’s assets and liabilities, net operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income when such assets and liabilities are anticipated to be settled or realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as tax expense or benefit in the period that includes the enactment date of the change. In determining the amount of deferred tax assets to recognize in the financial statements, the Company evaluates the likelihood of realizing such benefits in future periods. A valuation allowance is established if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company recognizes interest and penalties related to income taxes within income tax expense in the consolidated statements of income. The Company and its eligible subsidiaries file a consolidated federal income tax return. State and local income tax returns are filed on a combined, consolidated or separate return basis based upon each jurisdiction’s laws and regulations. In December 2017, tax reform legislation was enacted that changed the maximum corporate tax rate for years 2018 and beyond. As such, deferred tax assets and liabilities were revalued in 2017 to account for the change in future tax rates. Additional information about current and deferred income taxes is provided in Note 9, Income Taxes. Non-Interest Income Non-interest income is mainly comprised of revenue from contracts with customers. For that revenue (excluding certain revenue associated with financial instruments, derivative and hedging instruments, guarantees, lease contracts, transferring and servicing of financial assets, and other specific revenue transactions), the Company applies the following five-step approach when recognizing revenue: (i) identify the contract with the customer, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the performance obligation is satisfied. The Company’s contracts with customers are generally short term in nature, with a duration of one year or less, and most contracts are cancellable by either the Company or its customer without penalty. Performance obligations for customer contracts are generally satisfied at a single point in time, typically when the transaction is complete and the customer has received the goods or service, or over time. For performance obligations satisfied over time, the Company recognizes the value of the goods or services transferred to the customer when the performance obligations have been transferred and received by the customer. Payments for satisfied performance obligations are typically due when or as the goods or services are completed, or shortly thereafter, which usually occurs within a single financial reporting period. In situations where payment is made before the performance obligation is satisfied, the fees are deferred until the performance obligations pertaining to those goods or services are completed. In cases where payment has not been received despite satisfaction of its performance obligations, the Company accrues an estimate of the amount due in the period that the performance obligations have been satisfied. For contracts with variable components, the Company only recognizes revenue to the extent that it is probable that the cumulative amount recognized will not be subject to a significant reversal in future periods. Generally, the Company’s contracts do not include terms that require significant judgment to determine whether a variable component is included within the transaction price. The Company generally acts in a principal capacity, on its own behalf, in most of its contracts with customers. For these transactions, revenue and the related costs to provide the goods or services are presented on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting third parties in transactions with the Company’s customers. In such transactions, revenue and the related costs to provide services is presented on a net basis in the financial statements. These transactions primarily relate to fees earned from bank card and related network and rewards costs and the sales of annuities and certain limited insurance products. Derivatives Most of the Company's derivative contracts are accounted for as free-standing instruments. These instruments are carried at fair value, and changes in fair value are recognized in current earnings. They include interest rate swaps and caps, which are offered to customers to assist in managing their risks of adverse changes in interest rates. Each contract between the Company and a customer is offset by a contract between the Company and an institutional counterparty, thus minimizing the Company's exposure to rate changes. The Company also enters into certain contracts, known as credit risk participation agreements, to buy or sell credit protection on specific interest rate swaps. It also purchases and sells forward foreign exchange contracts, either in connection with customer transactions, or for its own trading purposes. In 2015, the Company began an origination and sales program of certain personal real estate mortgages. Derivative instruments under this program include mortgage loan commitments, forward loan sale contracts, and forward contracts to sell certain to-be-announced (TBA) securities. The Company's interest rate risk management policy permits the use of hedge accounting for derivatives, and the Company has entered into interest rate floor contracts as protection from the potential for declining interest rates in the commercial loan portfolio. These floors were designated and qualified as cash flow hedges. In a cash flow hedge, the changes in fair value are recorded in accumulated other comprehensive income and recognized in the income statement when the hedged cash flows affect earnings. Both at hedge inception and on an ongoing basis, the Company assesses whether the interest rate floors used in the hedging relationships are highly effective in offsetting changes in the cash flows of the hedged items. The Company has master netting arrangements with various counterparties but does not offset derivative assets and liabilities under these arrangements in its consolidated balance sheets. However, interest rate swaps that are executed under central clearing requirements are presented net of variation margin as mandated by the statutory terms of the Company's contract with its clearing counterparty. Additional information about derivatives held by the Company and valuation methods employed is provided in Note 17, Fair Value Measurements and Note 19, Derivative Instruments. Pension Plan The Company’s pension plan is described in Note 10, Employee Benefit Plans. Historically, the Company has reported all components of net periodic pension cost in salaries and employee benefits in its consolidated statements of income. Upon the adoption of ASU 2017-07 "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost", in 2018, only the service cost component of net periodic pension cost is reported in salaries and employee benefits in the accompanying consolidated statements of income, while the other components are reported in other non-interest expense. The funded status of the plan is recognized as an asset or liability in the consolidated balance sheets, and changes in that funded status are recognized in the year in which the changes occur through other comprehensive income. Plan assets and benefit obligations are measured as of the fiscal year end of the plan. The measurement of the projected benefit obligation and pension expense involve actuarial valuation methods and the use of various actuarial and economic assumptions. The Company monitors the assumptions and updates them periodically. Due to the long-term nature of the pension plan obligation, actual results may differ significantly from estimations. Such differences are adjusted over time as the assumptions are replaced by facts and values are recalculated. Stock-Based Compensation The Company’s stock-based employee compensation plan is described in Note 11, Stock-Based Compensation and Directors Stock Purchase Plan. |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Loans And Allowance For Loan Losses [Abstract] | |
Loans And Allowance For Loan Losses | Loans and Allowance for Loan Losses Major classifications within the Company’s held for investment loan portfolio at December 31, 2019 and 2018 are as follows: (In thousands) 2019 2018 Commercial: Business $ 5,565,449 $ 5,106,427 Real estate — construction and land 899,377 869,659 Real estate — business 2,833,554 2,875,788 Personal Banking: Real estate — personal 2,354,760 2,127,083 Consumer 1,964,145 1,955,572 Revolving home equity 349,251 376,399 Consumer credit card 764,977 814,134 Overdrafts 6,304 15,236 Total loans $ 14,737,817 $ 14,140,298 Loans to directors and executive officers of the Parent and the Bank, and to their affiliates, are summarized as follows: (In thousands) Balance at January 1, 2019 $ 46,728 Additions 133,607 Amounts collected (123,956 ) Amounts written off — Balance, December 31, 2019 $ 56,379 Management believes all loans to directors and executive officers have been made in the ordinary course of business with normal credit terms, including interest rate and collateral considerations, and do not represent more than a normal risk of collection. The activity in the table above includes draws and repayments on several lines of credit with business entities. There were no outstanding loans at December 31, 2019 to principal holders (over 10% ownership) of the Company’s common stock. The Company’s lending activity is generally centered in Missouri, Kansas, Illinois and other nearby states including Oklahoma, Colorado, Iowa, Ohio, Texas, and others. The Company maintains a diversified portfolio with limited industry concentrations of credit risk. Loans and loan commitments are extended under the Company’s normal credit standards, controls, and monitoring features. Most loan commitments are short or intermediate term in nature. Commercial loan maturities generally range from one to seven years. Collateral is commonly required and would include such assets as marketable securities and cash equivalent assets, accounts receivable and inventory, equipment, other forms of personal property, and real estate. At December 31, 2019 , unfunded loan commitments totaled $11.2 billion (which included $5.1 billion in unused approved lines of credit related to credit card loan agreements) which could be drawn by customers subject to certain review and terms of agreement. At December 31, 2019 , loans totaling $4.0 billion were pledged at the FHLB as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $1.6 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings. The Company has a net investment in direct financing and sales type leases to commercial and industrial and tax-exempt entities of $795.8 million and $752.2 million at December 31, 2019 and 2018 , respectively, which is included in business loans on the Company’s consolidated balance sheets. This investment includes deferred income of $71.8 million and $62.6 million at December 31, 2019 and 2018 , respectively. The net investment in operating leases amounted to $14.7 million and $16.1 million at December 31, 2019 and 2018 , respectively, and is included in other assets on the Company’s consolidated balance sheets. Allowance for loan losses A summary of the activity in the allowance for losses during the previous three years follows: (In thousands) Commercial Personal Banking Total Balance at December 31, 2016 $ 91,361 $ 64,571 $ 155,932 Provision for loan losses 2,327 42,917 45,244 Deductions: Loans charged off 2,538 52,641 55,179 Less recoveries 2,554 10,981 13,535 Net loans charged off (recoveries) (16 ) 41,660 41,644 Balance at December 31, 2017 93,704 65,828 159,532 Provision for loan losses 254 42,440 42,694 Deductions: Loans charged off 3,164 52,657 55,821 Less recoveries 2,075 11,452 13,527 Net loans charged off 1,089 41,205 42,294 Balance at December 31, 2018 92,869 67,063 159,932 Provision for loan losses 2,816 47,622 50,438 Deductions: Loans charged off 4,711 57,169 61,880 Less recoveries 786 11,406 12,192 Net loans charged off 3,925 45,763 49,688 Balance at December 31, 2019 $ 91,760 $ 68,922 $ 160,682 The following table shows the balance in the allowance for loan losses and the related loan balance at December 31, 2019 and 2018 , disaggregated on the basis of impairment methodology. Impaired loans evaluated under ASC 310-10-35 include loans on non-accrual status which are individually evaluated for impairment and other impaired loans deemed to have similar risk characteristics, which are collectively evaluated. All other loans are collectively evaluated for impairment under ASC 450-20. Impaired Loans All Other Loans (In thousands) Allowance for Loan Losses Loans Outstanding Allowance for Loan Losses Loans Outstanding December 31, 2019 Commercial $ 1,629 $ 64,500 $ 90,131 $ 9,233,880 Personal Banking 1,117 17,232 67,805 5,422,205 Total $ 2,746 $ 81,732 $ 157,936 $ 14,656,085 December 31, 2018 Commercial $ 1,780 $ 61,496 $ 91,089 $ 8,790,378 Personal Banking 916 17,120 66,147 5,271,304 Total $ 2,696 $ 78,616 $ 157,236 $ 14,061,682 Impaired loans The table below shows the Company’s investment in impaired loans at December 31, 2019 and 2018 . These loans consist of all loans on non-accrual status and other restructured loans whose terms have been modified and classified as troubled debt restructurings. These restructured loans are performing in accordance with their modified terms, and because the Company believes it probable that all amounts due under the modified terms of the agreements will be collected, interest on these loans is being recognized on an accrual basis. They are discussed further in the "Troubled debt restructurings" section below. (In thousands) 2019 2018 Non-accrual loans $ 10,220 $ 12,536 Restructured loans (accruing) 71,512 66,080 Total impaired loans $ 81,732 $ 78,616 The following table provides additional information about impaired loans held by the Company at December 31, 2019 and 2018 , segregated between loans for which an allowance for credit losses has been provided and loans for which no allowance has been provided. (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance December 31, 2019 With no related allowance recorded: Business $ 7,054 $ 13,738 $ — $ 7,054 $ 13,738 $ — With an allowance recorded: Business $ 30,437 $ 30,487 $ 837 Real estate – construction and land 46 51 1 Real estate – business 26,963 27,643 791 Real estate – personal 4,729 5,968 258 Consumer 4,421 4,421 35 Revolving home equity 35 35 1 Consumer credit card 8,047 8,047 823 $ 74,678 $ 76,652 $ 2,746 Total $ 81,732 $ 90,390 $ 2,746 December 31, 2018 With no related allowance recorded: Business $ 8,725 $ 14,477 $ — $ 8,725 $ 14,477 $ — With an allowance recorded: Business $ 40,286 $ 40,582 $ 1,223 Real estate – construction and land 416 421 11 Real estate – business 12,069 12,699 546 Real estate – personal 4,461 6,236 266 Consumer 5,510 5,510 38 Revolving home equity 40 40 1 Consumer credit card 7,109 7,109 611 $ 69,891 $ 72,597 $ 2,696 Total $ 78,616 $ 87,074 $ 2,696 Total average impaired loans during 2019 and 2018 are shown in the table below. 2019 2018 (In thousands) Commercial Personal Banking Total Commercial Personal Banking Total Average impaired loans: Non-accrual loans $ 9,892 $ 2,031 $ 11,923 $ 7,619 $ 2,122 $ 9,741 Restructured loans (accruing) 49,544 15,667 65,211 73,261 16,526 89,787 Total $ 59,436 $ 17,698 $ 77,134 $ 80,880 $ 18,648 $ 99,528 The table below shows interest income recognized during the years ended December 31, 2019 , 2018 and 2017 for impaired loans held at the end of each respective period. This interest all relates to accruing restructured loans, as discussed in the "Troubled debt restructurings" section below. Years Ended December 31 (In thousands) 2019 2018 2017 Interest income recognized on impaired loans: Business $ 1,329 $ 2,219 $ 3,135 Real estate – construction and land 2 25 41 Real estate – business 1,456 558 514 Real estate – personal 136 139 402 Consumer 286 305 307 Revolving home equity 3 3 10 Consumer credit card 828 746 673 Total $ 4,040 $ 3,995 $ 5,082 Delinquent and non-accrual loans The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at December 31, 2019 and 2018 . (In thousands) Current or Less Than 30 Days Past Due 30 – 89 Days Past Due 90 Days Past Due and Still Accruing Non-accrual Total December 31, 2019 Commercial: Business $ 5,545,104 $ 12,064 $ 792 $ 7,489 $ 5,565,449 Real estate – construction and land 882,826 13,046 3,503 2 899,377 Real estate – business 2,830,494 2,030 — 1,030 2,833,554 Personal Banking: Real estate – personal 2,345,243 6,129 1,689 1,699 2,354,760 Consumer 1,928,082 34,053 2,010 — 1,964,145 Revolving home equity 347,258 1,743 250 — 349,251 Consumer credit card 742,659 10,703 11,615 — 764,977 Overdrafts 5,972 332 — — 6,304 Total $ 14,627,638 $ 80,100 $ 19,859 $ 10,220 $ 14,737,817 December 31, 2018 Commercial: Business $ 5,086,912 $ 10,057 $ 473 $ 8,985 $ 5,106,427 Real estate – construction and land 867,692 1,963 — 4 869,659 Real estate – business 2,867,347 6,704 22 1,715 2,875,788 Personal Banking: Real estate – personal 2,118,045 6,041 1,165 1,832 2,127,083 Consumer 1,916,320 35,608 3,644 — 1,955,572 Revolving home equity 374,830 875 694 — 376,399 Consumer credit card 792,334 11,140 10,660 — 814,134 Overdrafts 14,937 299 — — 15,236 Total $ 14,038,417 $ 72,687 $ 16,658 $ 12,536 $ 14,140,298 Credit quality The following table provides information about the credit quality of the Commercial loan portfolio, using the Company’s internal rating system as an indicator. The internal rating system is a series of grades reflecting management’s risk assessment, based on its analysis of the borrower’s financial condition. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is applied to loans where the borrower exhibits material negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. Commercial Loans (In thousands) Business Real Estate -Construction Real Estate - Business Total December 31, 2019 Pass $ 5,393,928 $ 856,364 $ 2,659,827 $ 8,910,119 Special mention 80,089 42,541 92,626 215,256 Substandard 83,943 470 80,071 164,484 Non-accrual 7,489 2 1,030 8,521 Total $ 5,565,449 $ 899,377 $ 2,833,554 $ 9,298,380 December 31, 2018 Pass $ 4,915,042 $ 866,527 $ 2,777,374 $ 8,558,943 Special mention 84,391 1,917 51,845 138,153 Substandard 98,009 1,211 44,854 144,074 Non-accrual 8,985 4 1,715 10,704 Total $ 5,106,427 $ 869,659 $ 2,875,788 $ 8,851,874 The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided in the table in the above section on "Delinquent and non-accrual loans" . In addition, FICO scores are obtained and updated on a quarterly basis for most of the loans in the Personal Banking portfolio. This is a published credit score designed to measure the risk of default by taking into account various factors from a borrower's financial history. The bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis. Excluded from the table below are certain personal real estate loans for which FICO scores are not obtained because the loans generally pertain to commercial customer activities and are often underwritten with other collateral considerations. These loans totaled $198.2 million at December 31, 2019 and $201.7 million at December 31, 2018 . The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $199.2 million at December 31, 2019 and $170.3 million at December 31, 2018 . As the healthcare loans are guaranteed by the hospital, customer FICO scores are not obtained for these loans. The personal real estate loans and consumer loans excluded below totaled less than 8% of the Personal Banking portfolio. For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at December 31, 2019 and 2018 by FICO score. Personal Banking Loans % of Loan Category Real Estate - Personal Consumer Revolving Home Equity Consumer Credit Card December 31, 2019 FICO score: Under 600 1.0 % 3.0 % 1.7 % 5.6 % 600 – 659 1.9 5.2 1.9 14.3 660 – 719 9.2 15.4 9.0 32.2 720 – 779 25.7 27.0 21.5 26.6 780 and over 62.2 49.4 65.9 21.3 Total 100.0 % 100.0 % 100.0 % 100.0 % December 31, 2018 FICO score: Under 600 1.1 % 3.1 % 0.8 % 4.4 % 600 – 659 1.8 4.8 1.7 14.0 660 – 719 9.4 16.1 9.1 34.8 720 – 779 24.7 25.7 24.0 26.4 780 and over 63.0 50.3 64.4 20.4 Total 100.0 % 100.0 % 100.0 % 100.0 % Troubled debt restructurings As mentioned previously, the Company's impaired loans include loans which have been classified as troubled debt restructurings, as shown in the table below. Restructured loans are those extended to borrowers who are experiencing financial difficulty and who have been granted a concession. Restructured loans are placed on non-accrual status if the Company does not believe it probable that amounts due under the contractual terms will be collected. Commercial performing restructured loans are primarily comprised of certain business, construction and business real estate loans classified as substandard, but renewed at rates judged to be non-market. These loans are performing in accordance with their modified terms, and because the Company believes it probable that all amounts due under the modified terms of the agreements will be collected, interest on these loans is being recognized on an accrual basis. Troubled debt restructurings also include certain credit card and other small consumer loans under various debt management and assistance programs. Modifications to these loans generally involve removing the available line of credit, placing loans on amortizing status, and lowering the contractual interest rate. Certain personal real estate, revolving home equity, and consumer loans were classified as consumer bankruptcy troubled debt restructurings because they were not reaffirmed by the borrower in bankruptcy proceedings. Interest on these loans is being recognized on an accrual basis, as the borrowers are continuing to make payments. Other consumer loans classified as troubled debt restructurings consist of various other workout arrangements with consumer customers. December 31 (In thousands) 2019 2018 Accruing loans: Commercial $ 55,934 $ 50,904 Assistance programs 8,365 7,410 Consumer bankruptcy 3,592 4,103 Other consumer 3,621 3,663 Non-accrual loans 7,938 9,759 Total troubled debt restructurings $ 79,450 $ 75,839 The table below shows the balance of troubled debt restructurings by loan classification at December 31, 2019 , in addition to the outstanding balances of these restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal. (In thousands) December 31, 2019 Balance 90 days past due at any time during previous 12 months Commercial: Business $ 37,055 $ — Real estate – construction and land 44 — Real estate – business 25,933 — Personal Banking: Real estate – personal 3,915 347 Consumer 4,421 83 Revolving home equity 35 — Consumer credit card 8,047 987 Total troubled debt restructurings $ 79,450 $ 1,417 For those loans on non-accrual status also classified as restructured, the modification did not create any further financial effect on the Company as those loans were already recorded at net realizable value. For those performing commercial loans classified as restructured, there were no concessions involving forgiveness of principal or interest and, therefore, there was no financial impact to the Company as a result of modification to these loans. No financial impact resulted from those performing loans where the debt was not reaffirmed in bankruptcy, as no changes to loan terms occurred in that process. However, the effects of modifications to loans under various debt management and assistance programs were estimated to decrease interest income by approximately $1.2 million on an annual, pre-tax basis, compared to amounts contractually owed. Other modifications to consumer loans mainly involve extensions and other small modifications that did not include the forgiveness of principal or interest. The allowance for loan losses related to troubled debt restructurings on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status which are not classified as troubled debt restructurings. Those performing loans classified as troubled debt restructurings are accruing loans which management expects to collect under contractual terms. Performing commercial loans having no other concessions granted other than being renewed at non-market interest rates are judged to have similar risk characteristics as non-troubled debt commercial loans and are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience and current economic factors. Performing personal banking loans classified as troubled debt restructurings resulted from the borrower not reaffirming the debt during bankruptcy and have had no other concession granted, other than the Bank's future limitations on collecting payment deficiencies or in pursuing foreclosure actions. As such, they have similar risk characteristics as non-troubled debt personal banking loans and are evaluated collectively based on loan type, delinquency, historical experience and current economic factors. If a troubled debt restructuring defaults and is already on non-accrual status, the allowance for loan losses continues to be based on individual evaluation, using discounted expected cash flows or the fair value of collateral. If an accruing, troubled debt restructuring defaults, the loan's risk rating is downgraded to non-accrual status and the loan's related allowance for loan losses is determined based on individual evaluation, or if necessary, the loan is charged off and collection efforts begin. The Company had commitments of $4.7 million at December 31, 2019 to lend additional funds to borrowers with restructured loans, compared to $1.8 million at December 31, 2018 . Loans held for sale The Company designates certain long-term fixed rate personal real estate loans as held for sale, and the Company has elected the fair value option for these loans. The election of the fair value option aligns the accounting for these loans with the related economic hedges discussed in Note 19. The loans are primarily sold to FNMA, FHLMC, and GNMA. At December 31, 2019 , the fair value of these loans was $9.2 million , and the unpaid principal balance was $8.9 million . The Company also designates certain student loan originations as held for sale. The borrowers are credit-worthy students who are attending colleges and universities. The loans are intended to be sold in the secondary market, and the Company maintains contracts with Sallie Mae to sell the loans within 210 days after the last disbursement to the student. These loans are carried at lower of cost or fair value, which totaled $4.6 million at December 31, 2019 . At December 31, 2019 , none of the loans held for sale were on non-accrual status or 90 days past due and still accruing. Foreclosed real estate/repossessed assets The Company’s holdings of foreclosed real estate totaled $365 thousand and $1.4 million at December 31, 2019 and 2018 , respectively. Personal property acquired in repossession, generally autos and marine and recreational vehicles (RV), totaled $5.5 million and $2.0 million at December 31, 2019 and 2018 , respectively. The December 31, 2019 balance of repossessed assets also included trailers with an asset value of $3.4 million, which were acquired due to the bankruptcy of a single leasing customer. Upon acquisition, these assets are recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. They are subsequently carried at the lower of this cost basis or fair value less estimated selling costs. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities, at fair value, consisted of the following at December 31, 2019 and 2018 : 2019 2018 Available for sale debt securities $ 8,571,626 $ 8,538,041 Trading debt securities 28,161 27,059 Equity securities: Readily determinable fair value 2,929 2,585 No readily determinable fair value 1,280 1,824 Other: Federal Reserve Bank stock 33,770 33,498 Federal Home Loan Bank stock 10,000 10,000 Private equity investments 94,122 85,659 Total investment securities $ 8,741,888 $ 8,698,666 The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. This portfolio includes the Company's holdings of Visa Class B shares, which have a carrying value of zero, as there have not been observable price changes in orderly transactions for identical or similar investments of the same issuer. During the year-ended December 31, 2019 , the Company did not record any impairment or other adjustments to the carrying amount of its portfolio of equity securities with no readily determinable fair value. Other investment securities include Federal Reserve Bank (FRB) stock, Federal Home Loan Bank (FHLB) stock, and investments in portfolio concerns held by the Company's private equity subsidiaries. FRB stock and FHLB stock are held for debt and regulatory purposes. Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is tied to the level of borrowings from the FHLB. These holdings are carried at cost. The private equity investments, in the absence of readily ascertainable market values, are carried at estimated fair value. The majority of the Company’s investment portfolio is comprised of available for sale debt securities, which are carried at fair value with changes in fair value reported in accumulated other comprehensive income (AOCI). A summary of the available for sale debt securities by maturity groupings as of December 31, 2019 is shown in the following table. The weighted average yield for each range of maturities was calculated using the yield on each security within that range weighted by the amortized cost of each security at December 31, 2019 . Yields on tax exempt securities have not been adjusted for tax exempt status. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, GNMA and FDIC, in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by residential and commercial mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral. (Dollars in thousands) Amortized Cost Fair Value Weighted Average Yield U.S. government and federal agency obligations: Within 1 year $ 57,234 $ 57,192 (.01 )*% After 1 but within 5 years 518,035 533,805 2.17 * After 5 but within 10 years 252,592 260,779 .59 * Total U.S. government and federal agency obligations 827,861 851,776 1.54 * Government-sponsored enterprise obligations: Within 1 year 81,616 81,830 1.99 After 10 years 57,118 57,447 2.65 Total government-sponsored enterprise obligations 138,734 139,277 2.26 State and municipal obligations: Within 1 year 51,230 51,540 2.55 After 1 but within 5 years 740,283 763,396 2.42 After 5 but within 10 years 377,009 395,014 2.56 After 10 years 57,010 57,977 2.92 Total state and municipal obligations 1,225,532 1,267,927 2.49 Mortgage and asset-backed securities: Agency mortgage-backed securities 3,893,247 3,937,964 2.87 Non-agency mortgage-backed securities 796,451 809,782 2.98 Asset-backed securities 1,228,151 1,233,489 2.61 Total mortgage and asset-backed securities 5,917,849 5,981,235 2.83 Other debt securities: Within 1 year 51,998 52,180 After 1 but within 5 years 218,950 222,770 After 5 but within 10 years 54,607 56,461 Total other debt securities 325,555 331,411 Total available for sale debt securities $ 8,435,531 $ 8,571,626 * Rate does not reflect inflation adjustment on inflation-protected securities Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $461.8 million , at fair value, at December 31, 2019 . Interest paid on these securities increases with inflation and decreases with deflation, as measured by the Consumer Price Index. At maturity, the principal paid is the greater of an inflation-adjusted principal or the original principal. Included in state and municipal obligations are $9.9 million , at fair value, of auction rate securities, which were purchased from bank customers in 2008. Interest on these bonds is currently being paid at the maximum failed auction rates. For debt securities classified as available for sale, the following table shows the unrealized gains and losses (pre-tax) in AOCI, by security type. (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 U.S. government and federal agency obligations $ 827,861 $ 23,957 $ (42 ) $ 851,776 Government-sponsored enterprise obligations 138,734 730 (187 ) 139,277 State and municipal obligations 1,225,532 42,427 (32 ) 1,267,927 Mortgage and asset-backed securities: Agency mortgage-backed securities 3,893,247 50,890 (6,173 ) 3,937,964 Non-agency mortgage-backed securities 796,451 14,036 (705 ) 809,782 Asset-backed securities 1,228,151 11,056 (5,718 ) 1,233,489 Total mortgage and asset-backed securities 5,917,849 75,982 (12,596 ) 5,981,235 Other debt securities 325,555 5,863 (7 ) 331,411 Total $ 8,435,531 $ 148,959 $ (12,864 ) $ 8,571,626 December 31, 2018 U.S. government and federal agency obligations $ 914,486 $ 4,545 $ (11,379 ) $ 907,652 Government-sponsored enterprise obligations 199,470 55 (3,747 ) 195,778 State and municipal obligations 1,322,785 10,284 (5,030 ) 1,328,039 Mortgage and asset-backed securities: Agency mortgage-backed securities 3,253,433 9,820 (48,268 ) 3,214,985 Non-agency mortgage-backed securities 1,053,854 6,641 (12,779 ) 1,047,716 Asset-backed securities 1,518,976 3,849 (11,211 ) 1,511,614 Total mortgage and asset-backed securities 5,826,263 20,310 (72,258 ) 5,774,315 Other debt securities 339,595 72 (7,410 ) 332,257 Total $ 8,602,599 $ 35,266 $ (99,824 ) $ 8,538,041 The Company’s impairment policy requires a review of all securities for which fair value is less than amortized cost. Special emphasis is placed on securities whose credit rating has fallen below Baa3 (Moody's) or BBB- (Standard & Poor's), whose fair values have fallen more than 20% below purchase price for an extended period of time, or those which have been identified based on management’s judgment. These securities are placed on a watch list and cash flow analyses are prepared on an individual security basis. Inputs to these models include factors such as cash flow projections, contractual payments required, expected delinquency rates, credit support from other tranches, prepayment speeds, collateral loss severity rates (including loan to values), and various other information related to the underlying collateral (including current delinquencies). Stress tests are performed at varying levels of delinquency rates, prepayment speeds and loss severities in order to gauge probable ranges of credit loss. At December 31, 2019 , the fair value of securities on this watch list was $51.6 million compared to $57.7 million at December 31, 2018 . As of December 31, 2019 , the Company had recorded other-than-temporary impairment (OTTI) on certain non-agency mortgage-backed securities with a current par value of $17.5 million . These securities, which are part of the watch list mentioned above, had an aggregate fair value of $13.1 million at December 31, 2019 . The cumulative credit-related portion of the impairment on these securities, which was recorded in earnings, totaled $13.3 million . The Company does not intend to sell these securities and believes it is not likely that it will be required to sell the securities before the recovery of their amortized cost. The credit-related portion of the loss on these securities was based on the cash flows projected to be received over the estimated life of the securities, discounted to present value, and compared to the current amortized cost bases of the securities. Significant inputs to the cash flow models used to calculate the credit losses on these securities at December 31, 2019 included the following: Significant Inputs Range Prepayment CPR 0% - 25% Projected cumulative default 9% - 52% Credit support 0% - 20% Loss severity 8% - 63% The following table presents a rollforward of the cumulative OTTI credit losses recognized in earnings on all available for sale debt securities. (In thousands) 2019 2018 2017 Cumulative OTTI credit losses at January 1 $ 14,092 $ 14,199 $ 14,080 Credit losses on debt securities for which impairment was not previously recognized 48 58 111 Credit losses on debt securities for which impairment was previously recognized 85 10 274 Increase in expected cash flows that are recognized over remaining life of security (950 ) (175 ) (266 ) Cumulative OTTI credit losses at December 31 $ 13,275 $ 14,092 $ 14,199 Debt securities with unrealized losses recorded in AOCI are shown in the table below, along with the length of the impairment period. Less than 12 months 12 months or longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 U.S. government and federal agency obligations $ 31,787 $ 21 $ 25,405 $ 21 $ 57,192 $ 42 Government-sponsored enterprise obligations 6,155 187 — — 6,155 187 State and municipal obligations 6,700 31 1,554 1 8,254 32 Mortgage and asset-backed securities: Agency mortgage-backed securities 652,352 5,306 147,653 867 800,005 6,173 Non-agency mortgage-backed securities 102,931 254 189,747 451 292,678 705 Asset-backed securities 330,876 3,610 152,461 2,108 483,337 5,718 Total mortgage and asset-backed securities 1,086,159 9,170 489,861 3,426 1,576,020 12,596 Other debt securities 5,496 4 997 3 6,493 7 Total $ 1,136,297 $ 9,413 $ 517,817 $ 3,451 $ 1,654,114 $ 12,864 December 31, 2018 U.S. government and federal agency obligations $ 317,699 $ 6,515 $ 116,728 $ 4,864 $ 434,427 $ 11,379 Government-sponsored enterprise obligations — — 188,846 3,747 188,846 3,747 State and municipal obligations 157,838 704 257,051 4,326 414,889 5,030 Mortgage and asset-backed securities: Agency mortgage-backed securities 330,933 1,502 1,927,268 46,766 2,258,201 48,268 Non-agency mortgage-backed securities 207,506 1,085 657,685 11,694 865,191 12,779 Asset-backed securities 147,997 728 813,427 10,483 961,424 11,211 Total mortgage and asset-backed securities 686,436 3,315 3,398,380 68,943 4,084,816 72,258 Other debt securities 51,836 564 260,682 6,846 312,518 7,410 Total $ 1,213,809 $ 11,098 $ 4,221,687 $ 88,726 $ 5,435,496 $ 99,824 The available for sale debt portfolio included $1.7 billion of securities that were in a loss position at December 31, 2019 , compared to $5.4 billion at December 31, 2018 . The total amount of unrealized loss on these securities was $12.9 million at December 31, 2019 , a decrease of $87.0 million compared to the unrealized loss at December 31, 2018 . This decrease in losses was mainly due to a declining interest rate environment. The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings. For the Year Ended December 31 (In thousands) 2019 2018 2017 Proceeds from sales of securities: Available for sale debt securities $ 402,103 $ 667,227 $ 779,793 Equity securities 3,856 41,637 10,953 Other 7,244 — 1,634 Total proceeds $ 413,203 $ 708,864 $ 792,380 Investment securities gains (losses), net: Available for sale debt securities: Losses realized on called bonds $ — $ — $ (254 ) Gains realized on sales 2,354 448 592 Losses realized on sales (2,568 ) (10,101 ) (10,287 ) Other-than-temporary impairment recognized on debt securities (133 ) (68 ) (385 ) Equity securities: Gains realized on donations of securities — — 31,074 Gains realized on sales 3,262 1,759 10,653 Losses realized on sales — (8,917 ) (10 ) Fair value adjustments, net 344 2,542 — Other: Gains realized on sales 1,094 — 381 Losses realized on sales — — (880 ) Fair value adjustments, net (727 ) 13,849 (5,833 ) Total investment securities gains (losses), net $ 3,626 $ (488 ) $ 25,051 Investment securities with a fair value of $4.3 billion were pledged at both December 31, 2019 and 2018 to secure public deposits, securities sold under repurchase agreements, trust funds, and borrowings at the Federal Reserve Bank. Securities pledged under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties approximated $204.9 million , while the remaining securities were pledged under agreements pursuant to which the secured parties may not sell or re-pledge the collateral. Except for obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeds 10% of stockholders’ equity. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | and Equipment Premises and equipment consist of the following at December 31, 2019 and 2018 : (In thousands) 2019 2018 Land $ 91,678 $ 91,603 Buildings and improvements 566,177 545,510 Equipment 237,047 226,666 Right of use leased assets 28,195 — Total 923,097 863,779 Less accumulated depreciation 552,460 530,660 Net premises and equipment $ 370,637 $ 333,119 Depreciation expense of $30.8 million in 2019 , $28.6 million in 2018 and $29.1 million in 2017 , was included in occupancy expense and equipment expense in the consolidated statements of income. Repairs and maintenance expense of $17.0 million , $16.9 million and $16.4 million for 2019 , 2018 and 2017 , respectively, was included in occupancy expense and equipment expense. There has been no interest expense capitalized on construction projects in the past three years. Right of use leased assets are comprised mainly of operating leases for branches, office space, ATM locations, and certain equipment, as described in Note 6. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents information about the Company's intangible assets which have estimable useful lives. December 31, 2019 December 31, 2018 ( In thousands) Gross Carrying Amount Accumulated Amortization Valuation Allowance Net Amount Gross Carrying Amount Accumulated Amortization Valuation Allowance Net Amount Amortizable intangible assets: Core deposit premium $ 31,270 $ (29,485 ) $ — $ 1,785 $ 31,270 $ (28,954 ) $ — $ 2,316 Mortgage servicing rights 12,942 (4,866 ) (327 ) 7,749 10,339 (3,861 ) — 6,478 Total $ 44,212 $ (34,351 ) $ (327 ) $ 9,534 $ 41,609 $ (32,815 ) $ — $ 8,794 The carrying amount of goodwill and its allocation among segments at December 31, 2019 and 2018 is shown in the table below. As a result of ongoing assessments, no impairment of goodwill was recorded in 2019 , 2018 or 2017 . Further, the annual assessment of qualitative factors on January 1, 2020 revealed no likelihood of impairment as of that date. (In thousands) December 31, 2019 December 31, 2018 Consumer segment $ 70,721 $ 70,721 Commercial segment 67,454 67,454 Wealth segment 746 746 Total goodwill $ 138,921 $ 138,921 Changes in the net carrying amount of goodwill and other net intangible assets for the years ended December 31, 2019 and 2018 are shown in the following table. (In thousands) Goodwill Core Deposit Premium Mortgage Servicing Rights Balance at December 31, 2017 $ 138,921 $ 2,965 $ 4,653 Originations — — 2,433 Amortization — (649 ) (617 ) Impairment reversal — — 9 Balance at December 31, 2018 138,921 2,316 6,478 Originations — — 2,603 Amortization — (531 ) (1,005 ) Impairment — — (327 ) Balance at December 31, 2019 $ 138,921 $ 1,785 $ 7,749 Mortgage servicing rights (MSRs) are initially recorded at fair value and subsequently amortized over the period of estimated servicing income. They are periodically reviewed for impairment at a tranche level, and if impairment is indicated, recorded at fair value. Temporary impairment, including impairment recovery, is effected through a change in a valuation allowance. At December 31, 2019 , temporary impairment of $327 thousand had been recognized. The fair value of the MSRs is based on the present value of expected future cash flows, as further discussed in Note 17 on Fair Value Measurements. Aggregate amortization expense on intangible assets for the years ended December 31, 2019 , 2018 and 2017 was $1.5 million , $1.3 million and $1.3 million , respectively. The following table shows the estimated future amortization expense based on existing asset balances and the interest rate environment as of December 31, 2019 . The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions. (In thousands) 2020 $ 1,507 2021 1,286 2022 1,099 2023 919 2024 770 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases [Text Block] | Leases The Company adopted ASU 2016-02, "Leases", and its related amendments on January 1, 2019 using a modified retrospective approach. The Company's leasing activities include leasing certain real estate and equipment, providing lease financing to commercial customers, and leasing office space to third parties. The Company adopted the package of practical expedients permitted within the new standard, along with the lease component expedient for all lease classes and the disclosure expedient. The Company uses the FHLB fixed-advance rate at lease commencement or at any subsequent remeasurement event date based on the remaining lease term to calculate the liability for each lease. Lessee The Company primarily has operating leases for branches, office space, ATM locations, and certain equipment. As of December 31, 2019 , the right-of-use asset for operating leases, reported within premises and equipment, net, and lease liability, reported within other liabilities, recognized on the Company's consolidated balance sheets totaled $26.3 million and $27.0 million , respectively. Total lease cost for the year ended December 31, 2019 was $7.3 million . For leases with a term of 12 months or less, an election was made not to recognize lease assets and lease liabilities for all asset classes, and to recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining terms of 1 month to 34 years, most of which contain renewal options. However, the renewal options are generally not included in the leased asset or liability because the option exercises are uncertain. The maturities of operating leases are included in the table below. (in thousands) Operating Leases (1) 2020 $ 5,913 2021 5,001 2022 4,304 2023 3,802 2024 2,530 After 2024 12,600 Total lease payments $ 34,150 Less: Interest (2) 7,126 Present value of lease liabilities $ 27,024 (1) Excludes $6.5 million of legally binding minimum lease payments for operating leases signed but not yet commenced. (2) Calculated using the interest rate for each lease. The following table presents the average lease term and discount rate of operating leases. December 31, 2019 Weighted-average remaining lease term 11.7 years Weighted-average discount rate 3.67 % Supplemental cash flow information related to operating leases is included in the table below. For the Year Ended December 31 (in thousands) 2019 Operating cash paid toward lease liabilities $ 5,989 Leased assets obtained in exchange for new lease liabilities $ 3,958 The Company adopted the new lease standard using the effective date as the date of initial application as noted above, and as required, the table below provides the disclosure for periods prior to adoption. Under ASC Topic 840, Leases , rent expense amounted to $7.7 million and $7.3 million in 2018 and 2017 , respectively. Future minimum lease payments as of December 31, 2018 are shown below, which include leases that have not yet commenced. (in thousands) Year Ended December 31 Total 2019 $ 5,763 2020 4,817 2021 4,055 2022 3,598 2023 3,273 After 15,161 Total minimum lease payments $ 36,667 Lessor The Company has net investments in direct financing and sales-type leases to commercial, industrial, and tax-exempt entities. These leases are included within business loans on the Company's consolidated balance sheets. The Company primarily leases various types of equipment, trucks and trailers, and office furniture and fixtures. Lease agreements may include options for the lessee to renew or purchase the leased equipment at the end of the lease term. The Company has elected to adopt the lease component expedient in which the lease and nonlease components are combined into the total lease receivable. The Company also leases office space to third parties, and these leases are classified as operating leases. The leases may include options to renew or to expand the leased space, and currently the leases have remaining terms of 1 month to 8 years. The following table provides the components of lease income. For the Year Ended December 31 (in thousands) 2019 Direct financing and sales-type leases 24,062 Operating leases (1) 7,951 Total lease income $ 32,013 (1) Includes rent of $75 thousand from Tower Properties Company, a related party. The following table presents the components of the net investments in direct financing and sales-type leases. (in thousands) December 31, 2019 Lease payment receivable $ 738,809 Unguaranteed residual assets 53,408 Total net investments in direct financing and sales-type leases $ 792,217 Deferred origination cost 3,609 Total net investment included within business loans $ 795,826 The maturities of lease receivables are included in the table below. (in thousands) Direct Financing and Sale-Type Leases Operating Leases Total 2020 $ 224,297 $ 7,564 $ 231,861 2021 177,143 7,511 184,654 2022 136,787 13,816 150,603 2023 92,813 5,536 98,349 2024 58,773 4,811 63,584 After 2024 114,188 8,643 122,831 Total lease receipts 804,001 $ 47,881 $ 851,882 Less: Net present value adjustment 65,192 Present value of lease receipts $ 738,809 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits At December 31, 2019 , the scheduled maturities of certificates of deposit were as follows: (In thousands) Due in 2020 $ 1,727,042 Due in 2021 229,487 Due in 2022 27,205 Due in 2023 14,387 Due in 2024 9,838 Thereafter 53 Total $ 2,008,012 The following table shows a detailed breakdown of the maturities of certificates of deposit, by size category, at December 31, 2019 . (In thousands) Certificates of Deposit under $100,000 Certificates of Deposit over $100,000 Total Due in 3 months or less $ 117,635 $ 632,064 $ 749,699 Due in over 3 through 6 months 144,309 286,240 430,549 Due in over 6 through 12 months 223,756 323,038 546,794 Due in over 12 months 140,457 140,513 280,970 Total $ 626,157 $ 1,381,855 $ 2,008,012 The aggregate amount of certificates of deposit that exceeded the $250,000 FDIC insurance limit totaled $1.1 billion at December 31, 2019 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings At December 31, 2019 , the Company's borrowings primarily consisted of federal funds purchased and securities sold under agreements to repurchase (repurchase agreements). The following table sets forth selected information for federal funds purchased and repurchase agreements. (Dollars in thousands) Year End Weighted Rate Average Weighted Rate Average Balance Outstanding Maximum Outstanding at any Month End Balance at December 31 Federal funds purchased and repurchase agreements: 2019 .8 % 1.6 % $ 1,822,098 $ 2,394,294 $ 1,850,772 2018 .9 1.3 1,514,144 1,981,761 1,956,389 2017 .8 .7 1,462,387 1,984,071 1,507,138 Federal funds purchased and repurchase agreements comprised the majority of the Company's short-term borrowings (borrowings with an original maturity of less than one year) at December 31, 2019 , and $1.8 billion of these borrowings were repurchase agreements, which generally have one day maturities and are mainly comprised of non-insured customer funds secured by a portion of the Company's investment portfolio. Additional information about the securities pledged for repurchase agreements is provided in Note 20 on Resale and Repurchase Agreements. The Bank is a member of the Des Moines FHLB and has access to term financing from the FHLB. These borrowings are secured under a blanket collateral agreement including primarily residential mortgages as well as all unencumbered assets and stock of the borrowing bank. At December 31, 2019 , the Bank had no outstanding advances from the FHLB. The FHLB also issues letters of credit to secure the Bank's obligations to certain depositors of public funds, which totaled $396.6 million at December 31, 2019 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense from operations for the years ended December 31, 2019 , 2018 and 2017 were as follows: (In thousands) Current Deferred Total Year ended December 31, 2019: U.S. federal $ 82,556 $ 11,388 $ 93,944 State and local 12,323 2,807 15,130 Total $ 94,879 $ 14,195 $ 109,074 Year ended December 31, 2018: U.S. federal $ 90,390 $ 3,220 $ 93,610 State and local 10,223 2,116 12,339 Total $ 100,613 $ 5,336 $ 105,949 Year ended December 31, 2017: U.S. federal $ 89,154 $ 12,190 $ 101,344 State and local 7,735 1,427 9,162 Total $ 96,889 $ 13,617 $ 110,506 The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2019 , 2018 and 2017 were as follows: (In thousands) 2019 2018 2017 Unrealized gain (loss) on available for sale debt securities $ 50,163 $ (18,634 ) $ 2,104 Change in fair value on cash flow hedges 7,818 2,286 — Accumulated pension (benefit) loss 389 222 (184 ) Income tax (benefit) expense allocated to stockholders’ equity $ 58,370 $ (16,126 ) $ 1,920 Significant components of the Company’s deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows: (In thousands) 2019 2018 Deferred tax assets: Loans, principally due to allowance for loan losses $ 39,130 $ 39,169 Unrealized loss on available for sale debt securities — 16,140 Equity-based compensation 7,554 7,609 Deferred compensation 6,662 5,911 Unearned fee income 5,053 4,125 Accrued expenses 4,270 2,152 Other 4,057 4,640 Total deferred tax assets 66,726 79,746 Deferred tax liabilities: Equipment lease financing 68,814 55,738 Unrealized gain on available for sale debt securities 34,024 — Land, buildings and equipment 17,202 14,207 Cash flow hedges 9,015 2,104 Intangibles 6,491 5,973 Other 7,331 5,309 Total deferred tax liabilities 142,877 83,331 Net deferred tax liabilities $ (76,151 ) $ (3,585 ) Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the total deferred tax assets. A reconciliation between the expected federal income tax expense using the federal statutory tax rate and the Company's actual income tax expense is provided below. The federal statutory tax rate was 21% in 2019 and 2018, and 35% in 2017. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense. (In thousands) 2019 2018 2017 Computed “expected” tax expense $ 111,364 $ 113,293 $ 150,461 Increase (decrease) in income taxes resulting from: Tax-exempt interest, net of cost to carry (10,973 ) (11,502 ) (20,295 ) Contribution of appreciated securities — — (10,864 ) State and local income taxes, net of federal tax benefit 11,953 9,748 5,955 Tax reform enactment — — (6,753 ) Share-based award payments (3,337 ) (3,928 ) (6,613 ) Other 67 (1,662 ) (1,385 ) Total income tax expense $ 109,074 $ 105,949 $ 110,506 The gross amount of unrecognized tax benefits was $1.4 million and $1.3 million at December 31, 2019 and 2018 , respectively, and the total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, was $1.1 million and $993 thousand , respectively. The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2019 and 2018 was as follows: (In thousands) 2019 2018 Unrecognized tax benefits at beginning of year $ 1,257 $ 1,208 Gross increases – tax positions in prior period 18 31 Gross decreases – tax positions in prior period (4 ) — Gross increases – current-period tax positions 361 322 Lapse of statute of limitations (260 ) (304 ) Unrecognized tax benefits at end of year $ 1,372 $ 1,257 The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2016 through 2019 remain open to examination for U.S. federal income tax and for major state taxing jurisdictions. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions. (In thousands) 2019 2018 2017 Payroll taxes $ 26,959 $ 25,712 $ 24,402 Medical plans 29,635 27,030 25,143 401(k) plan 15,810 14,986 14,244 Pension plans 605 651 704 Other 3,049 2,918 2,883 Total employee benefits $ 76,058 $ 71,297 $ 67,376 A portion of the Company’s employees are covered by a noncontributory defined benefit pension plan, however, participation in the pension plan is not available to employees hired after June 30, 2003. All participants are fully vested in their benefit payable upon normal retirement date, which is based on years of participation and compensation. Since January 2011, all benefits accrued under the pension plan have been frozen. However, the accounts continue to accrue interest at a stated annual rate. Certain key executives also participate in a supplemental executive retirement plan (the CERP) that the Company funds only as retirement benefits are disbursed. The CERP carries no segregated assets. The CERP continues to provide credits based on hypothetical contributions in excess of those permitted under the 401(k) plan. In the tables presented below, the pension plan and the CERP are presented on a combined basis. Under the Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to satisfy the statutory minimum required contribution as defined by the Pension Protection Act, which is intended to provide for current service accruals and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. No contributions to the defined benefit plan were made in 2019 or 2018. The Company made a discretionary contribution of $5.5 million to its defined benefit pension plan in 2017 in order to reduce pension guarantee premiums. The minimum required contribution for 2020 is expected to be zero . The Company does not expect to make any further contributions in 2020 other than the necessary funding contributions to the CERP. Contributions to the CERP were $25 thousand , $24 thousand and $439 thousand during 2019 , 2018 and 2017 , respectively. The following items are components of the net pension cost for the years ended December 31, 2019 , 2018 and 2017 . (In thousands) 2019 2018 2017 Service cost-benefits earned during the year $ 607 $ 651 $ 621 Interest cost on projected benefit obligation 4,198 3,756 3,826 Expected return on plan assets (4,842 ) (5,255 ) (5,785 ) Amortization of prior service cost (271 ) (271 ) (271 ) Amortization of unrecognized net loss 2,288 2,267 2,313 Net periodic pension cost $ 1,980 $ 1,148 $ 704 The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2019 and 2018 . (In thousands ) 2019 2018 Change in projected benefit obligation Projected benefit obligation at prior valuation date $ 112,063 $ 120,667 Service cost 607 651 Interest cost 4,198 3,756 Benefits paid (7,016 ) (6,622 ) Actuarial (gain) loss 10,750 (6,389 ) Projected benefit obligation at valuation date 120,602 112,063 Change in plan assets Fair value of plan assets at prior valuation date 99,418 108,260 Actual return on plan assets 15,129 (2,244 ) Employer contributions 25 24 Benefits paid (7,016 ) (6,622 ) Fair value of plan assets at valuation date 107,556 99,418 Funded status and net amount recognized at valuation date $ (13,046 ) $ (12,645 ) The accumulated benefit obligation, which represents the liability of a plan using only benefits as of the measurement date, was $120.6 million and $112.1 million for the combined plans on December 31, 2019 and 2018 , respectively. Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2019 and 2018 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis. (In thousands) 2019 2018 Prior service cost $ 1,265 $ 1,535 Accumulated loss (30,516 ) (32,342 ) Accumulated other comprehensive loss (29,251 ) (30,807 ) Cumulative employer contributions in excess of net periodic benefit cost 16,205 18,162 Net amount recognized as an accrued benefit liability on the December 31 balance sheet $ (13,046 ) $ (12,645 ) Net loss arising during period (461 ) (1,110 ) Amortization of net loss 2,288 2,267 Amortization of prior service cost (271 ) (271 ) Total recognized in other comprehensive income $ 1,556 $ 886 Total expense recognized in net periodic pension cost and other comprehensive income $ (424 ) $ (262 ) The estimated net loss and prior service cost to be amortized from accumulated other comprehensive income into net periodic pension cost in 2020 is $1.9 million . The following assumptions, on a weighted average basis, were used in accounting for the plans. 2019 2018 2017 Determination of benefit obligation at year end: Effective discount rate for benefit obligations 3.07 % 4.14 % 3.57 % Assumed credit on cash balance accounts 5.00 % 5.00 % 5.00 % Determination of net periodic benefit cost for year ended: Effective discount rate for benefit obligations 4.13 % 3.57 % 3.95 % Effective rate for interest on benefit obligations 3.81 % 3.28 % 3.28 % Long-term rate of return on assets 5.00 % 5.00 % 6.00 % Assumed credit on cash balance accounts 5.00 % 5.00 % 5.00 % The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2019 and 2018 . Information about the valuation techniques and inputs used to measure fair value are provided in Note 17 on Fair Value Measurements. Fair Value Measurements (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Assets: U.S. government obligations $ 4,746 $ 4,746 $ — $ — Government-sponsored enterprise obligations (a) 1,302 — 1,302 — State and municipal obligations 8,612 — 8,612 — Agency mortgage-backed securities (b) 8,892 — 8,892 — Non-agency mortgage-backed securities 3,919 — 3,919 — Asset-backed securities 5,093 — 5,093 — Corporate bonds (c) 39,663 — 39,663 — Equity securities and mutual funds: (d) Mutual funds 6,315 6,315 — — Common stocks 22,552 22,552 — — International developed markets funds 4,674 4,674 — — Emerging markets funds 1,788 1,788 — — Total $ 107,556 $ 40,075 $ 67,481 $ — December 31, 2018 Assets: U.S. government obligations $ 2,994 $ 2,994 $ — $ — Government-sponsored enterprise obligations (a) 1,200 — 1,200 — State and municipal obligations 8,299 — 8,299 — Agency mortgage-backed securities (b) 8,209 — 8,209 — Non-agency mortgage-backed securities 4,398 — 4,398 — Asset-backed securities 3,520 — 3,520 — Corporate bonds (c) 37,207 — 37,207 — Equity securities and mutual funds: (d) Mutual funds 8,645 8,645 — — Common stocks 18,173 18,173 — — International developed markets funds 5,046 5,046 — — Emerging markets funds 1,727 1,727 — — Total $ 99,418 $ 36,585 $ 62,833 $ — (a) This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association. (b) This category represents mortgage-backed securities issued by the agencies mentioned in (a). (c) This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries. (d) This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the financial services, technology services, healthcare, electronic technology, and producer manufacturing industries. The investment policy of the pension plan is designed for growth in principal, within limits designed to safeguard against significant losses within the portfolio. The policy sets guidelines, which may change from time to time, regarding the types and percentages of investments held. Currently, the policy includes guidelines such as holding bonds rated investment grade or better and prohibiting investment in Company stock. The plan does not utilize derivatives. Management believes there are no significant concentrations of risk within the plan asset portfolio at December 31, 2019 . Under the current policy, the long-term investment target mix for the plan is 35% equity securities and 65% fixed income securities. The Company regularly reviews its policies on investment mix and may make changes depending on economic conditions and perceived investment risk. The assumed overall expected long-term rate of return on pension plan assets used in calculating 2019 pension plan expense was 5.0% . Determination of the plan’s expected rate of return is based upon historical and anticipated returns of the asset classes invested in by the pension plan and the allocation strategy currently in place among those classes. The rate used in plan calculations may be adjusted by management for current trends in the economic environment. The 10-year annualized return for the Company’s pension plan was 7.3% . During 2019 , the plan’s assets gained 14.8% of their value, compared to a loss of 1.7% in 2018 . Returns for any plan year may be affected by changes in the stock market and interest rates. The Company expects to incur pension expense of $402 thousand in 2020 , compared to $2.0 million in 2019 . The Company utilizes mortality tables published by the Society of Actuaries to incorporate mortality assumptions into the measurement of the pension benefit obligation. At December 31, 2019, the Company utilized an updated mortality table and projection scale, which decreased the pension benefit obligation on that date by approximately $1.1 million . The following future benefit payments are expected to be paid: (In thousands) 2020 $ 7,281 2021 7,430 2022 7,409 2023 7,467 2024 7,371 2025 - 2029 35,721 |
Stock-Based Compensation and Di
Stock-Based Compensation and Directors Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation and Directors Stock Purchase Plan* The Company’s stock-based compensation is provided under a stockholder-approved plan that allows for issuance of various types of awards, including stock options, stock appreciation rights, restricted stock and restricted stock units, performance awards and stock-based awards. During the past three years, stock-based compensation has been issued in the form of nonvested stock awards and stock appreciation rights. At December 31, 2019 , 2,249,326 shares remained available for issuance under the plan. The stock-based compensation expense that was charged against income was $13.9 million , $12.8 million and $12.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $3.0 million , $3.2 million and $4.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Nonvested Restricted Stock Awards Nonvested stock is awarded to key employees by action of the Company's Compensation and Human Resources Committee and Board of Directors. These awards generally vest after 4 to 7 years of continued employment, but vesting terms may vary according to the specifics of the individual grant agreement. There are restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period. Dividend and voting rights are conferred upon grant of restricted stock awards. A summary of the status of the Company’s nonvested share awards as of December 31, 2019 and changes during the year then ended is presented below. Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 1,239,970 $ 41.18 Granted 217,182 58.82 Vested (339,618 ) 31.33 Forfeited (13,323 ) 47.41 Nonvested at December 31, 2019 1,104,211 $ 47.57 The total fair value (at vest date) of shares vested during 2019 , 2018 and 2017 was $19.9 million , $21.5 million and $23.8 million , respectively. Stock Appreciation Rights Stock appreciation rights (SARs) are granted with exercise prices equal to the market price of the Company’s stock at the date of grant. SARs generally vest ratably over 4 years of continuous service and have 10 -year contractual terms. All SARs must be settled in stock under provisions of the plan. A summary of SAR activity during 2019 is presented below. ( Dollars in thousands, except per share data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2019 1,119,405 $ 38.30 Granted 196,129 58.82 Forfeited (5,935 ) 49.67 Expired (1,917 ) 37.00 Exercised (257,866 ) 32.30 Outstanding at December 31, 2019 1,049,816 $ 43.55 6.6 years $ 25,601 Exercisable at December 31, 2019 557,763 $ 36.16 5.3 years $ 17,728 In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of SARs on date of grant. The Black-Scholes model is a closed-end model that uses various assumptions as shown in the following table. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical exercise behavior and other factors to estimate the expected term of the SARs, which represents the period of time that the SARs granted are expected to be outstanding. The risk-free rate for the expected term is based on the U.S. Treasury zero coupon spot rates in effect at the time of grant. The per share average fair value and the model assumptions for SARs granted during the past three years are shown in the table below. 2019 2018 2017 Weighted per share average fair value at grant date $11.35 $11.28 $10.83 Assumptions: Dividend yield 1.7 % 1.6 % 1.6 % Volatility 19.8 % 20.6 % 21.1 % Risk-free interest rate 2.6 % 2.7 % 2.4 % Expected term 6.0 years 6.6 years 7.0 years Additional information about stock options and SARs exercised is presented below. (In thousands) 2019 2018 2017 Intrinsic value of options and SARs exercised $ 7,109 $ 9,632 $ 9,310 Tax benefit realized from options and SARs exercised $ 1,385 $ 1,928 $ 2,698 As of December 31, 2019 , there was $27.7 million of unrecognized compensation cost related to unvested SARs and stock awards. This cost is expected to be recognized over a weighted average period of approximately 3.0 years. Directors Stock Purchase Plan The Company has a directors stock purchase plan whereby outside directors of the Company and its subsidiaries may elect to use their directors’ fees to purchase Company stock at market value each month end. Remaining shares available for issuance under this plan were 33,914 at December 31, 2019 . In 2019 , 21,904 shares were purchased at an average price of $61.14 , and in 2018 , 32,454 shares were purchased at an average price of $54.92 . * All share and per share amounts in this note have been restated for the 5% common stock dividend distributed in 2019 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below shows the activity and accumulated balances for components of other comprehensive income (loss). The largest component is the unrealized holding gains and losses on available for sale debt securities. Unrealized gains and losses on debt securities for which an other-than-temporary impairment (OTTI) has been recorded in current earnings are shown separately below. Another component is the amortization from other comprehensive income of losses associated with pension benefits, which occurs as the losses are included in current net periodic pension cost. The remaining component is gains in fair value on certain interest rate floors that have been designated as cash flow hedging instruments. Unrealized Gains (Losses) on Securities (1) Pension Loss Unrealized Gains on Cash Flow Hedge Derivatives (2) Total Accumulated Other Comprehensive Income (Loss) (In thousands) OTTI Other Balance January 1, 2019 $ 3,861 $ (52,278 ) $ (23,107 ) $ 6,855 $ (64,669 ) Other comprehensive income (loss) before reclassifications (975 ) 201,280 (461 ) 27,481 227,325 Amounts reclassified from accumulated other comprehensive income 133 215 2,017 3,793 6,158 Current period other comprehensive income (loss), before tax (842 ) 201,495 1,556 31,274 233,483 Income tax (expense) benefit 210 (50,373 ) (389 ) (7,818 ) (58,370 ) Current period other comprehensive income (loss), net of tax (632 ) 151,122 1,167 23,456 175,113 Transfer of unrealized gain on securities for which impairment was not previously recognized 35 (35 ) — — — Balance December 31, 2019 $ 3,264 $ 98,809 $ (21,940 ) $ 30,311 $ 110,444 Balance January 1, 2018 $ 3,411 $ 30,326 $ (19,629 ) $ — $ 14,108 ASU 2018-02 Reclassification of tax rate change 715 6,359 (4,142 ) — 2,932 ASU 2016-01 Reclassification of unrealized gain on equity securities — (33,320 ) — — (33,320 ) Other comprehensive income (loss) before reclassifications (438 ) (73,725 ) (1,110 ) 8,381 (66,892 ) Amounts reclassified from accumulated other comprehensive income 68 (447 ) 1,996 760 2,377 Current period other comprehensive income (loss), before tax (370 ) (74,172 ) 886 9,141 (64,515 ) Income tax (expense) benefit 93 18,541 (222 ) (2,286 ) 16,126 Current period other comprehensive income (loss), net of tax (277 ) (55,631 ) 664 6,855 (48,389 ) Transfer of unrealized gain on securities for which impairment was not previously recognized 12 (12 ) — — — Balance December 31, 2018 $ 3,861 $ (52,278 ) $ (23,107 ) $ 6,855 $ (64,669 ) (1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income. (2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income. The requirement to revalue deferred tax assets and liabilities in the period of enactment stranded the effects of the tax rate change, mandated by the Tax Cuts and Jobs Act, in accumulated other comprehensive income. In response, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", which the Company adopted on January 1, 2018. This ASU allowed the reclassification of the stranded tax effects from accumulated other comprehensive income (loss) (as shown in the table above) to retained earnings. New accounting guidance, which was effective January 1, 2018, required the reclassification of unrealized gains on equity securities from accumulated other comprehensive income (loss) to retained earnings (also shown above). |
Segments
Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company segregates financial information for use in assessing its performance and allocating resources among three operating segments: Consumer, Commercial, and Wealth. The Consumer segment includes the consumer portion of the retail branch network (loans, deposits and other personal banking services), indirect and other consumer financing, and consumer debit and credit card loan and fee businesses. Residential mortgage origination, sales and servicing functions are included in this consumer segment, but residential mortgage loans retained by the Company are not considered part of this segment. The Commercial segment provides corporate lending (including the Small Business Banking product line within the branch network), leasing, international services, and business, government deposit, and related commercial cash management services, as well as merchant and commercial bank card products. The Commercial segment also includes the Capital Markets Group, which sells fixed income securities and provides securities safekeeping and bond accounting services. The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment management, and brokerage services. This segment also provides various loan and deposit related services to its private banking customers. The Company’s business line reporting system derives segment information from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting procedures and methods, which have been developed to reflect the underlying economics of the businesses. These methodologies are applied in connection with funds transfer pricing and assignment of overhead costs among segments. Funds transfer pricing was used in the determination of net interest income by assigning a standard cost (credit) for funds used for (provided by) assets and liabilities based on their maturity, prepayment and/or repricing characteristics. Income and expense that directly relate to segment operations are recorded in the segment when incurred. Expenses that indirectly support the segments are allocated based on the most appropriate method available. The Company uses a funds transfer pricing method to value funds used (e.g., loans, fixed assets, and cash) and funds provided (e.g., deposits, borrowings, and equity) by the business segments and their components. This process assigns a specific value to each new source or use of funds with a maturity, based on current swap rates, thus determining an interest spread at the time of the transaction. Non-maturity assets and liabilities are valued using weighted average pools. The funds transfer pricing process attempts to remove interest rate risk from valuation, allowing management to compare profitability under various rate environments. The following tables present selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below. Segment Income Statement Data (In thousands) Consumer Commercial Wealth Segment Totals Other/Elimination Consolidated Totals Year ended December 31, 2019: Net interest income $ 315,782 $ 342,736 $ 48,058 $ 706,576 $ 114,717 $ 821,293 Provision for loan losses (44,987 ) (4,204 ) (174 ) (49,365 ) (1,073 ) (50,438 ) Non-interest income 135,257 203,952 183,589 522,798 1,905 524,703 Investment securities gains, net — — — — 3,626 3,626 Non-interest expense (297,581 ) (308,686 ) (124,123 ) (730,390 ) (37,008 ) (767,398 ) Income before income taxes $ 108,471 $ 233,798 $ 107,350 $ 449,619 $ 82,167 $ 531,786 Year ended December 31, 2018: Net interest income $ 294,798 $ 344,972 $ 46,946 $ 686,716 $ 137,109 $ 823,825 Provision for loan losses (40,571 ) (1,134 ) 32 (41,673 ) (1,021 ) (42,694 ) Non-interest income 126,253 202,527 173,026 501,806 (465 ) 501,341 Investment securities losses, net — — — — (488 ) (488 ) Non-interest expense (286,181 ) (297,847 ) (123,568 ) (707,596 ) (30,225 ) (737,821 ) Income before income taxes $ 94,299 $ 248,518 $ 96,436 $ 439,253 $ 104,910 $ 544,163 Year ended December 31, 2017: Net interest income $ 276,891 $ 329,087 $ 47,264 $ 653,242 $ 80,437 $ 733,679 Provision for loan losses (40,619 ) 205 (41 ) (40,455 ) (4,789 ) (45,244 ) Non-interest income 121,362 184,577 158,175 464,114 (2,851 ) 461,263 Investment securities gains, net — — — — 25,051 25,051 Non-interest expense (274,225 ) (281,845 ) (120,461 ) (676,531 ) (67,812 ) (744,343 ) Income before income taxes $ 83,409 $ 232,024 $ 84,937 $ 400,370 $ 30,036 $ 430,406 The segment activity, as shown above, includes both direct and allocated items. Amounts in the “Other/Elimination” column include activity not related to the segments, such as that relating to administrative functions, the investment securities portfolio, and the effect of certain expense allocations to the segments. The provision for loan losses in this category contains the difference between net loan charge-offs assigned directly to the segments and the recorded provision for loan loss expense. Included in this category’s net interest income are earnings of the investment portfolio, which are not allocated to a segment. Segment Balance Sheet Data (In thousands) Consumer Commercial Wealth Segment Totals Other/Elimination Consolidated Totals Average balances for 2019: Assets $ 2,375,326 $ 9,486,074 $ 1,288,806 $ 13,150,206 $ 12,063,319 $ 25,213,525 Loans, including held for sale 2,239,100 9,250,645 1,276,839 12,766,584 1,476,630 14,243,214 Goodwill and other intangible assets 79,055 68,109 746 147,910 — 147,910 Deposits 10,236,257 7,848,367 1,832,418 19,917,042 (7,151 ) 19,909,891 Average balances for 2018: Assets $ 2,481,060 $ 9,115,738 $ 1,243,806 $ 12,840,604 $ 11,825,631 $ 24,666,235 Loans, including held for sale 2,346,166 8,939,696 1,233,780 12,519,642 1,425,930 13,945,572 Goodwill and other intangible assets 78,062 68,300 746 147,108 — 147,108 Deposits 10,210,502 8,029,248 1,871,596 20,111,346 19,906 20,131,252 The above segment balances include only those items directly associated with the segment. The “Other/Elimination” column includes unallocated bank balances not associated with a segment (such as investment securities and federal funds sold), balances relating to certain other administrative and corporate functions, and eliminations between segment and non-segment balances. This column also includes the resulting effect of allocating such items as float, deposit reserve and capital for the purpose of computing the cost or credit for funds used/provided. The Company’s reportable segments are strategic lines of business that offer different products and services. They are managed separately because each line services a specific customer need, requiring different performance measurement analyses and marketing strategies. The performance measurement of the segments is based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. The information is also not necessarily indicative of the segments’ financial condition and results of operations if they were independent entities. |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock | Common and Preferred Stock* On December 18, 2019, the Company distributed a 5% stock dividend on its $5 par common stock for the 26th consecutive year. All per common share data in this report has been restated to reflect the stock dividend. The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the following table. Nonvested share-based awards are further discussed in Note 11 on Stock-Based Compensation. Basic income per share is based on the weighted average number of common shares outstanding during the year. Diluted income per share gives effect to all dilutive potential common shares that were outstanding during the year. Presented below is a summary of the components used to calculate basic and diluted income per common share, which have been restated for all stock dividends. (In thousands, except per share data) 2019 2018 2017 Basic income per common share: Net income attributable to Commerce Bancshares, Inc. $ 421,231 $ 433,542 $ 319,383 Less preferred stock dividends 9,000 9,000 9,000 Net income available to common shareholders 412,231 424,542 310,383 Less income allocated to nonvested restricted stock 4,019 4,558 3,848 Net income allocated to common stock $ 408,212 $ 419,984 $ 306,535 Weighted average common shares outstanding 113,784 116,352 116,375 Basic income per common share $ 3.59 $ 3.61 $ 2.63 Diluted income per common share: Net income available to common shareholders $ 412,231 $ 424,542 $ 310,383 Less income allocated to nonvested restricted stock 4,012 4,547 3,838 Net income allocated to common stock $ 408,219 $ 419,995 $ 306,545 Weighted average common shares outstanding 113,784 116,352 116,375 Net effect of the assumed exercise of stock-based awards -- based on the treasury stock method using the average market price for the respective periods 282 361 410 Weighted average diluted common shares outstanding 114,066 116,713 116,785 Diluted income per common share $ 3.58 $ 3.60 $ 2.62 Unexercised stock appreciation rights of 356 thousand , 235 thousand and 167 thousand were excluded from the computation of diluted income per share for the years ended December 31, 2019 , 2018 and 2017 , respectively, because their inclusion would have been anti-dilutive. On August 7, 2019, the Company entered into an accelerated share repurchase ("ASR") agreement with Morgan Stanley & Co. LLC (Morgan Stanley). Under this ASR agreement, the Company paid $150.0 million to Morgan Stanley and received from Morgan Stanley 1,994,327 shares of the Company’s common stock, representing approximately 75% of the estimated total number of shares to be delivered by Morgan Stanley at the conclusion of the program. Final settlement occurred on December 30, 2019 at which time the remaining shares, totaling 438,009 , were received by the Company. The specific number of shares that the Company ultimately repurchased was based on the volume-weighted-average price per share of the Company’s common stock during the repurchase period. In the Annual Meeting of the Shareholders, held on April 17, 2019, a proposal to increase the shares of Company common stock authorized for issuance under its articles of incorporation was approved. The approval increased the authorized shares from 120,000,000 to 140,000,000 . The Company has 6,000,000 depositary shares outstanding, representing 6,000 shares of 6.00% Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share, having an aggregate liquidation preference of $150.0 million (“Series B Preferred Stock”). Each depositary share has a liquidation preference of $25 per share. Dividends on the Series B Preferred Stock, if declared, accrue and are payable quarterly, in arrears, at a rate of 6.00%. The Series B Preferred Stock qualifies as Tier 1 capital for the purposes of the regulatory capital calculations. In the event that the Company does not declare and pay dividends on the Series B Preferred Stock for the most recent dividend period, the ability of the Company to declare or pay dividends on, purchase, redeem or otherwise acquire shares of its common stock or any securities of the Company that rank junior to the Series B Preferred Stock is subject to certain restrictions under the terms of the Series B Preferred Stock. The Company maintains a treasury stock buyback program authorized by its Board of Directors. The most recent authorization in November 2019 approved future purchases of 5,000,000 shares of the Company's common stock. At December 31, 2019 , 4,430,958 shares of common stock remained available for purchase under the current authorization. The table below shows activity in the outstanding shares of the Company’s common stock during the past three years. Shares in the table below are presented on an historical basis and have not been restated for the annual 5% stock dividends. Years Ended December 31 (In thousands) 2019 2018 2017 Shares outstanding at January 1 111,129 106,615 101,461 Issuance of stock: Awards and sales under employee and director plans 329 416 403 5% stock dividend 5,359 5,305 5,078 Other purchases of treasury stock (4,670 ) (1,194 ) (315 ) Other (15 ) (13 ) (12 ) Shares outstanding at December 31 112,132 111,129 106,615 * Except as noted in the above table, all share and per share amounts in this note have been restated for the 5% common stock dividend distributed in 2019 . |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and additional discretionary actions by regulators that could have a direct material effect on the Company’s financial statements. The regulations require the Company to meet specific capital adequacy guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital classification is also subject to qualitative judgments by the regulators about components, risk weightings and other factors. The following tables show the capital amounts and ratios for the Company (on a consolidated basis) and the Bank, together with the minimum capital adequacy and well-capitalized capital requirements, at the last two year ends. Actual Minimum Capital Adequacy Requirement Well-Capitalized Capital Requirement (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Total Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 3,052,079 15.48 % $ 1,577,105 8.00 % N.A. N.A. Commerce Bank 2,583,676 13.19 1,566,866 8.00 $ 1,958,583 10.00 % Tier I Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,890,322 14.66 % $ 1,182,829 6.00 % N.A. N.A. Commerce Bank 2,421,919 12.37 1,175,150 6.00 $ 1,566,866 8.00 % Tier I Common Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,745,538 13.93 % $ 887,122 4.50 % N.A. N.A. Commerce Bank 2,421,919 12.37 881,362 4.50 $ 1,273,079 6.50 % Tier I Capital (to adjusted quarterly average assets): (Leverage Ratio) Commerce Bancshares, Inc. (consolidated) $ 2,890,322 11.38 % $ 1,015,771 4.00 % N.A. N.A. Commerce Bank 2,421,919 9.57 1,012,232 4.00 $ 1,265,290 5.00 % December 31, 2018 Total Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 3,022,023 15.82 % $ 1,528,317 8.00 % N.A. N.A. Commerce Bank 2,655,591 13.98 1,519,169 8.00 $ 1,898,962 10.00 % Tier I Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,861,016 14.98 % $ 1,146,238 6.00 % N.A. N.A. Commerce Bank 2,494,584 13.14 1,139,377 6.00 $ 1,519,169 8.00 % Tier I Common Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,716,232 14.22 % $ 859,678 4.50 % N.A. N.A. Commerce Bank 2,494,584 13.14 854,533 4.50 $ 1,234,325 6.50 % Tier I Capital (to adjusted quarterly average assets): (Leverage Ratio) Commerce Bancshares, Inc. (consolidated) $ 2,861,016 11.52 % $ 993,564 4.00 % N.A. N.A. Commerce Bank 2,494,584 10.07 991,185 4.00 $ 1,238,981 5.00 % The minimum required ratios for well-capitalized banks (under prompt corrective action provisions) are 6.5% for Tier I common capital, 8.0% for Tier I capital, 10.0% for Total capital and 5.0% for the leverage ratio. At December 31, 2019 and 2018 , the Company met all capital requirements to which it is subject, and the Bank’s capital position exceeded the regulatory definition of well-capitalized. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company adopted ASU 2014-09, "Revenue from Contracts with Customers," and its related amendments on January 1, 2018. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For the year ended December 31, 2019 , approximately 61% of the Company’s total revenue was comprised of net interest income, which is not within the scope of this guidance. Of the remaining revenue, those items that were subject to this guidance mainly included fees for bank card, trust, deposit account services and consumer brokerage services. The adoption of ASU 2014-09 did not require any significant change to the Company's revenue recognition processes. However, application of the new guidance resulted in a reclassification of certain bank card related network and rewards costs, previously classified as non-interest expense, to a reduction to non-interest income in the Company’s consolidated statements of income. The reclassification had no effect on prior period net income or net income per share. The Company adopted ASU 2014-09 on a full retrospective basis, in which each prior reporting period has been presented in accordance with the new guidance. The table below shows the effect of this reclassification on bank card fee income and non-interest expense for the year ended December 31, 2017. For the year ended December 31, 2017 (In thousands) As Previously Reported Adoption of ASU 2014-09 As Adjusted Non-interest income: Bank card transaction fees $ 180,441 $ (25,341 ) $ 155,100 Total non-interest income 486,604 (25,341 ) 461,263 Non-interest expense: Data processing and software $ 92,246 $ (11,248 ) $ 80,998 Other 77,459 (14,093 ) 63,366 Total non-interest expense 769,684 (25,341 ) 744,343 The following table disaggregates non-interest income subject to ASU 2014-09 by major product line. For the Year Ended December 31 (In thousands) 2019 2018 2017 Bank card transaction fees $ 167,879 $ 171,576 $ 155,100 Trust fees 155,628 147,964 135,159 Deposit account charges and other fees 95,983 94,517 90,060 Consumer brokerage services 15,804 15,807 14,630 Other non-interest income 48,597 37,440 30,128 Total non-interest income from contracts with customers 483,891 467,304 425,077 Other non-interest income (1) 40,812 34,037 36,186 Total non-interest income $ 524,703 $ 501,341 $ 461,263 (1) This revenue is not within the scope of ASU 2014-09, and includes fees relating to capital market activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions. The following table presents the opening and closing receivable balances for the years ended December 31, 2019 and 2018 for the Company’s significant revenue categories subject to ASU 2014-09. (In thousands) December 31, 2019 December 31, 2018 December 31, 2017 Bank card transaction fees $ 13,915 $ 13,035 $ 13,315 Trust fees 2,093 2,721 2,802 Deposit account charges and other fees 6,523 6,107 5,597 Consumer brokerage services 596 559 380 For these revenue categories, none of the transaction price has been allocated to performance obligations that are unsatisfied as of the end of a reporting period. A description of these revenue categories follows. Bank Card Transaction Fees The following table presents the components of bank card fee income. For the Years Ended December 31 (In thousands) 2019 2018 2017 Debit card: Fee income $ 42,106 $ 41,522 $ 40,134 Expense for network charges (2,081 ) (1,784 ) (4,498 ) Net debit card fees 40,025 39,738 35,636 Credit card: Fee income 27,416 26,799 25,275 Expense for network charges and rewards (13,239 ) (13,834 ) (10,699 ) Net credit card fees 14,177 12,965 14,576 Corporate card: Fee income 196,984 199,651 179,642 Expense for network charges and rewards (102,596 ) (100,011 ) (94,823 ) Net corporate card fees 94,388 99,640 84,819 Merchant: Fee income 31,517 30,241 31,863 Fees to cardholder banks (8,779 ) (7,831 ) (8,228 ) Expense for network charges (3,449 ) (3,177 ) (3,566 ) Net merchant fees 19,289 19,233 20,069 Total bank card transaction fees $ 167,879 $ 171,576 $ 155,100 The majority of debit and credit card fees are reported in the Consumer segment, while corporate card and merchant fees are reported in the Commercial segment. Debit and Credit Card Fees The Company issues debit and credit cards to its retail and commercial banking customers who use the cards to purchase goods and services from merchants through an electronic payment system. As a card issuer, the Company earns fees, including interchange income, for processing the cardholder’s purchase transaction with a merchant through a settlement network. Purchases are charged directly to a customer’s checking account (in the case of a debit card), or are posted to a customer’s credit card account. The fees earned are established by the settlement network and are dependent on the type of transaction processed but are typically based on a per unit charge. Interchange income, the largest component of debit and credit card fees, is settled daily through the networks. The services provided to the cardholders include issuing and maintaining cards, settling purchases with merchants, and maintaining memberships in various card networks to facilitate processing. These services are considered one performance obligation, as one of the services would not be performed without the others. The performance obligation is satisfied as services are rendered for each purchase transaction, and income is immediately recognized. In order to participate in the settlement network process, the Company must pay various transaction-related costs, established by the networks, including membership fees and a per unit charge for each transaction. These expenses are recorded net of the card fees earned. Consumer credit card products offer cardholders rewards that can be later redeemed for cash or goods or services to encourage card usage. Reward programs must meet network requirements based on the type of card issued. The expense associated with the rewards granted are recorded net of the credit card fees earned. Commercial card products offer cash rewards to corporate cardholders to encourage card usage in facilitating corporate payments. The Company pays cash rewards based on contractually agreed upon amounts, normally as a percent of each sales transaction. The expense associated with the cash rewards program is recorded net of the corporate card fees earned. Merchant Fees The Company offers merchant processing services to its business customers to enable them to accept credit and debit card payments. Merchant processing activities include gathering merchant sales information, authorizing sales transactions and collecting the funds from card issuers using the networks. The merchant is charged a merchant discount fee for the services based on agreed upon pricing between the merchant and the Company. Merchant fees are recorded net of outgoing interchange costs paid to the card issuing banks and net of other network costs as shown in the table above. Merchant services provided are considered one performance obligation, as one of the services would not be performed without the others. The performance obligation is satisfied as services are rendered for each settlement transaction and income is immediately recognized. Income earned from merchant fees settles with the customer according to terms negotiated in individual customer contracts. The majority of customers settle with the Company at least monthly. Trust Fees The following table shows the components of revenue within trust fees, which are reported within the Wealth segment. For the Years Ended December 31 (In thousands) 2019 2018 2017 Private client $ 118,832 $ 111,533 $ 100,358 Institutional 29,468 29,241 27,477 Other 7,328 7,190 7,324 Total trust fees $ 155,628 $ 147,964 $ 135,159 The Company provides trust and asset management services to both private client and institutional trust customers including asset custody, investment advice, and reporting and administrative services. Other specialized services such as tax preparation, financial planning, representation and other related services are provided as needed. Trust fees are generally earned monthly and billed based on a rate multiplied by the fair value of the customer's trust assets. The majority of customer trust accounts are billed monthly. However, some accounts are billed quarterly, and a small number of accounts are billed semi-annually or annually, in accordance with agreements in place with the customer. The Company accrues trust fees monthly based on an estimate of fees due and either directly charges the customer’s account the following month or invoices the customer for fees due according to the billing schedule. The Company maintains written product pricing information which is used to bill each trust customer based on the services provided. Providing trust services is considered to be a single performance obligation that is satisfied on a monthly basis, involving the monthly custody of customer assets, statement rendering, periodic investment advice where applicable, and other specialized services as needed. As such, performance obligations are considered to be satisfied at the conclusion of each month while trust fee income is also recorded monthly. Deposit Account Charges and Other Fees The following table shows the components of revenue within deposit account charges and other fees. For the Years Ended December 31 (In thousands) 2019 2018 2017 Corporate cash management fees $ 41,442 $ 38,468 $ 36,044 Overdraft and return item fees 30,596 31,468 30,576 Other service charges on deposit accounts 23,945 24,581 23,440 Total deposit account charges and other fees $ 95,983 $ 94,517 $ 90,060 Approximately half of this revenue is reported in the Consumer segment, while the remainder is reported in the Commercial segment. The Company provides corporate cash management services to its business and non-profit customers to meet their various transaction processing needs. Such services include deposit and check processing, lockbox, remote deposit, reconciliation, on-line banking and other similar transaction processing services. The Company maintains unit prices for each type of service, and the customer is billed based on transaction volumes processed monthly. The customer is usually billed either monthly or quarterly, however, some customers may be billed semi-annually or annually. The customer may pay for the cash management services provided either by paying in cash or using the value of deposit balances (formula provided to the customer) held at the Company. The Company’s performance obligation for corporate cash management services is the processing of items over a monthly term, and the obligations are satisfied at the conclusion of each month. Overdraft fees are charged to customers when daily checks and other withdrawals to customers’ accounts exceed balances on hand. Fees are based on a unit price multiplied by the number of items processed whose total amounts exceed the available account balance. The daily overdraft charge is calculated and the fee is posted to the customer’s account each day. The Company’s performance obligations for overdraft transactions is based on the daily transaction processed and the obligation is satisfied as each day’s transaction processing is concluded. Other deposit fees include numerous smaller fees such as monthly statement fees, foreign ATM processing fees, identification restoration fees, and stop payment fees. Such fees are mostly billed to customers directly on their monthly deposit account statements, or in the case of foreign ATM processing fees, the fee is charged to the customer on the day that transactions are processed. Performance obligations for all of these various services are satisfied at the time that the service is rendered. Consumer Brokerage Services The following shows the components of revenue within consumer brokerage services, and nearly all of this revenue is reported in the Company's Wealth segment. For the Years Ended December 31 (In thousands) 2019 2018 2017 Commission income $ 9,071 $ 8,956 $ 8,400 Managed account services 6,733 6,851 6,230 Total consumer brokerage services $ 15,804 $ 15,807 $ 14,630 Consumer brokerage services revenue is comprised of commissions received upon the execution of purchases and sales of mutual fund shares and equity securities, in addition to sales of annuities and certain limited insurance products in an agency capacity. Also, fees are earned on professionally managed advisory programs through arrangements with sub-advisors. Payment from the customer is due upon settlement date for purchases and sales of securities, at the purchase date for annuities and insurance products, and upon inception of the service period for advisory programs. Most of the contracts (except advisory contracts) encompass two types of performance obligations. The first is an obligation to provide account maintenance, record keeping and custodial services throughout the contract term. The second is the obligation to provide trade execution services for the customers' purchases and sales of products mentioned above. The first obligation is satisfied over time as the service period elapses, while the second type of obligation is satisfied upon the execution of each purchase/sale transaction. Contracts for advisory services contain a single performance obligation comprised of providing the management services and related reporting/administrative services over the contract term. The transaction price of the contracts (except advisory contracts) is a commission charged at the time of trade execution. The commission varies across different security types, insurance products and mutual funds. It is generally determined by standardized price lists published by the Company and its mutual fund and insurance vendors. Because the transaction price relates specifically to the trade execution, it has been allocated to that performance obligation and is recorded at the time of execution. The fee for advisory services is charged to the customer in advance of the quarterly service period, based on the account balance at the beginning of the period. Revenue is recognized ratably over the service period. Other Non-Interest Income from Contracts with Customers Other non-interest income from contracts with customers consists mainly of various customer deposit related fees such as ATM fees and gains on sales of tax credits, foreclosed assets, and bank premises and equipment. Performance obligations for these services consist mainly of the execution of transactions for sales of various properties or providing specific deposit related transactions. Fees from these revenue sources are recognized when the performance obligation is completed, at which time cash is received by the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain financial and nonfinancial assets and liabilities and to determine fair value disclosures. Various financial instruments such as available for sale debt securities, equity securities, trading debt securities, certain investments relating to private equity activities, and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as mortgage servicing rights and certain other investment securities. These nonrecurring fair value adjustments typically involve lower of cost or fair value accounting, or write-downs of individual assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. For accounting disclosure purposes, a three-level valuation hierarchy of fair value measurements has been established. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 – inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and inputs that are observable for the assets or liabilities, either directly or indirectly (such as interest rates, yield curves, and prepayment speeds). • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value. These may be internally developed, using the Company’s best information and assumptions that a market participant would consider. When determining the fair value measurements for assets and liabilities required or permitted to be recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets, and the Company must use alternative valuation techniques to derive an estimated fair value measurement. Instruments Measured at Fair Value on a Recurring Basis The table below presents the carrying values of assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 . There were no transfers among levels during these years. Fair Value Measurements Using (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Assets: Residential mortgage loans held for sale $ 9,181 $ — $ 9,181 $ — Available for sale debt securities: U.S. government and federal agency obligations 851,776 851,776 — — Government-sponsored enterprise obligations 139,277 — 139,277 — State and municipal obligations 1,267,927 — 1,258,074 9,853 Agency mortgage-backed securities 3,937,964 — 3,937,964 — Non-agency mortgage-backed securities 809,782 — 809,782 — Asset-backed securities 1,233,489 — 1,233,489 — Other debt securities 331,411 — 331,411 — Trading debt securities 28,161 — 28,161 — Equity securities 2,929 2,929 — — Private equity investments 94,122 — — 94,122 Derivatives * 105,674 — 105,075 599 Assets held in trust for deferred compensation plan 16,518 16,518 — — Total assets 8,828,211 871,223 7,852,414 104,574 Liabilities: Derivatives * 10,219 — 9,989 230 Liabilities held in trust for deferred compensation plan 16,518 16,518 — — Total liabilities $ 26,737 $ 16,518 $ 9,989 $ 230 December 31, 2018 Assets: Residential mortgage loans held for sale $ 13,529 $ — $ 13,529 $ — Available for sale debt securities: U.S. government and federal agency obligations 907,652 907,652 — — Government-sponsored enterprise obligations 195,778 — 195,778 — State and municipal obligations 1,328,039 — 1,313,881 14,158 Agency mortgage-backed securities 3,214,985 — 3,214,985 — Non-agency mortgage-backed securities 1,047,716 — 1,047,716 — Asset-backed securities 1,511,614 — 1,511,614 — Other debt securities 332,257 — 332,257 — Trading debt securities 27,059 — 27,059 — Equity securities 2,585 2,585 — — Private equity investments 85,659 — — 85,659 Derivatives * 41,210 — 40,627 583 Assets held in trust for deferred compensation plan 12,968 12,968 — — Total assets 8,721,051 923,205 7,697,446 100,400 Liabilities: Derivatives * 13,421 — 13,328 93 Liabilities held in trust for deferred compensation plan 12,968 12,968 — — Total liabilities $ 26,389 $ 12,968 $ 13,328 $ 93 * The fair value of each class of derivative is shown in Note 19. . Valuation methods for instruments measured at fair value on a recurring basis Following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis: Residential mortgage loans held for sale The Company originates fixed rate, first lien residential mortgage loans that are intended for sale in the secondary market. Fair value is based on quoted secondary market prices for loans with similar characteristics, which are adjusted to include the embedded servicing value in the loans. This adjustment represents an unobservable input to the valuation but is not considered significant given the relative insensitivity of the valuation to changes in this input. Accordingly, these loan measurements are classified as Level 2. Available for sale debt securities For available for sale securities, changes in fair value, including that portion of other-than-temporary impairment unrelated to credit loss, are recorded in other comprehensive income. As mentioned in Note 3 on Investment Securities, the Company records the credit-related portion of other-than-temporary impairment in current earnings. This portfolio comprises the majority of the assets which the Company records at fair value. Most of the portfolio, which includes government-sponsored enterprise, mortgage-backed and asset-backed securities, are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. These measurements are classified as Level 2 in the fair value hierarchy. Where quoted prices are available in an active market, the measurements are classified as Level 1. Most of the Level 1 measurements apply to U.S. Treasury obligations. The fair values of Level 1 and 2 securities in the available for sale portfolio are prices provided by a third-party pricing service. The prices provided by the third-party pricing service are based on observable market inputs, as described in the sections below. On a quarterly basis, the Company compares a sample of these prices to other independent sources for the same and similar securities. Variances are analyzed, and, if appropriate, additional research is conducted with the third-party pricing service. Based on this research, the pricing service may affirm or revise its quoted price. No significant adjustments have been made to the prices provided by the pricing service. The pricing service also provides documentation on an ongoing basis that includes reference data, inputs and methodology by asset class, which is reviewed to ensure that security placement within the fair value hierarchy is appropriate. Valuation methods and inputs, by class of security: • U.S. government and federal agency obligations U.S. treasury bills, bonds and notes, including inflation-protected securities, are valued using live data from active market makers and inter-dealer brokers. Valuations for stripped coupon and principal issues are derived from yield curves generated from various dealer contacts and live data sources. • Government-sponsored enterprise obligations Government-sponsored enterprise obligations are evaluated using cash flow valuation models. Inputs used are live market data, cash settlements, Treasury market yields, and floating rate indices such as LIBOR, CMT, and Prime. • State and municipal obligations, excluding auction rate securities A yield curve is generated and applied to bond sectors, and individual bond valuations are extrapolated. Inputs used to generate the yield curve are bellwether issue levels, established trading spreads between similar issuers or credits, historical trading spreads over widely accepted market benchmarks, new issue scales, and verified bid information. Bid information is verified by corroborating the data against external sources such as broker-dealers, trustees/paying agents, issuers, or non-affiliated bondholders. • Mortgage and asset-backed securities Collateralized mortgage obligations and other asset-backed securities are valued at the tranche level. For each tranche valuation, the process generates predicted cash flows for the tranche, applies a market based (or benchmark) yield/spread for each tranche, and incorporates deal collateral performance and tranche level attributes to determine tranche-specific spreads to adjust the benchmark yield. Tranche cash flows are generated from new deal files and prepayment/default assumptions. Tranche spreads are based on tranche characteristics such as average life, type, volatility, ratings, underlying collateral and performance, and prevailing market conditions. The appropriate tranche spread is applied to the corresponding benchmark, and the resulting value is used to discount the cash flows to generate an evaluated price. Valuation of agency pass-through securities, typically issued under GNMA, FNMA, FHLMC, and SBA programs, are primarily derived from information from the to-be-announced (TBA) market. This market consists of generic mortgage pools which have not been received for settlement. Snapshots of the TBA market, using live data feeds distributed by multiple electronic platforms, are used in conjunction with other indices to compute a price based on discounted cash flow models. • Other debt securities Other debt securities are valued using active markets and inter-dealer brokers as well as bullet spread scales and option adjusted spreads. The spreads and models use yield curves, terms and conditions of the bonds, and any special features (e.g., call or put options and redemption features). The available for sale portfolio includes certain auction rate securities. Due to the illiquidity in the auction rate securities market in recent years, the fair value of these securities cannot be based on observable market prices. The fair values of these securities are estimated using a discounted cash flows analysis which is discussed more fully in the Level 3 Inputs section of this note. Because many of the inputs significant to the measurement are not observable, these measurements are classified as Level 3 measurements. Equity securities with readily determinable fair values Equity securities are priced using the market prices for each security from the major stock exchanges or other electronic quotation systems. These are generally classified as Level 1 measurements. Stocks which trade infrequently are classified as Level 2. Trading debt securities The securities in the Company’s trading portfolio are priced by averaging several broker quotes for similar instruments and are classified as Level 2 measurements. Private equity investments These securities are held by the Company’s private equity subsidiaries and are included in other investment securities in the consolidated balance sheets. Due to the absence of quoted market prices, valuation of these nonpublic investments requires significant management judgment. These fair value measurements, which are discussed in the Level 3 Inputs section of this note, are classified as Level 3. Derivatives The Company’s derivative instruments include interest rate swaps and floors, foreign exchange forward contracts, and certain credit risk guarantee agreements. When appropriate, the impact of credit standing as well as any potential credit enhancements, such as collateral, has been considered in the fair value measurement. • Valuations for interest rate swaps are derived from a proprietary model whose significant inputs are readily observable market parameters, primarily yield curves used to calculate current exposure. Counterparty credit risk is incorporated into the model and calculated by applying a net credit spread over LIBOR to the swap's total expected exposure over time. The net credit spread is comprised of spreads for both the Company and its counterparty, derived from probability of default and other loss estimate information obtained from a third party credit data provider or from the Company's Credit Department when not otherwise available. The credit risk component is not significant compared to the overall fair value of the swaps. The results of the model are constantly validated through comparison to active trading in the marketplace. Parties to swaps requiring central clearing are required to post collateral (generally in the form of cash or marketable securities) to an authorized clearing agency that holds and monitors the collateral. In January 2017, the Company's clearing counterparty made rule changes to characterize a component of this collateral as a legal settlement of the derivative contract exposure. As a result, this component, known as variation margin, is no longer accounted for separately from the derivative as collateral, but is considered in determining the fair value of the derivative. Valuations for interest rate floors are also derived from a proprietary model whose significant inputs are readily observable market parameters, primarily yield curves and volatility surfaces. The model uses market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below the strike rates of the floors. The model also incorporates credit valuation adjustments of both the Company's and the counterparties' non- performance risk. The credit valuation adjustment component is not significant compared to the overall fair value of the floors. The fair value measurements of interest rate swaps and floors are classified as Level 2 due to the observable nature of the significant inputs utilized. • Fair value measurements for foreign exchange contracts are derived from a model whose primary inputs are quotations from global market makers and are classified as Level 2. • The Company’s contracts related to credit risk guarantees are valued under a proprietary model which uses unobservable inputs and assumptions about the creditworthiness of the counterparty (generally a Bank customer). Customer credit spreads, which are based on probability of default and other loss estimates, are calculated internally by the Company's Credit Department, as mentioned above, and are based on the Company's internal risk rating for each customer. Because these inputs are significant to the measurements, they are classified as Level 3. • Derivatives relating to residential mortgage loan sale activity include commitments to originate mortgage loans held for sale, forward loan sale contracts, and forward commitments to sell TBA securities. The fair values of loan commitments and sale contracts are estimated using quoted market prices for loans similar to the underlying loans in these instruments. The valuations of loan commitments are further adjusted to include embedded servicing value and the probability of funding. These assumptions are considered Level 3 inputs and are significant to the loan commitment valuation; accordingly, the measurement of loan commitments is classified as Level 3. The fair value measurement of TBA contracts is based on security prices published on trading platforms and is classified as Level 2. Assets held in trust Assets held in an outside trust for the Company’s deferred compensation plan consist of investments in mutual funds. The fair value measurements are based on quoted prices in active markets and classified as Level 1. The Company has recorded an asset representing the total investment amount. The Company has also recorded a corresponding liability, representing the Company’s liability to the plan participants. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) State and Municipal Obligations Private Equity Investments Derivatives Total Year ended December 31, 2019: Balance at January 1, 2019 $ 14,158 $ 85,659 $ 490 $ 100,307 Total gains or losses (realized/unrealized): Included in earnings — (727 ) (93 ) (820 ) Included in other comprehensive income 246 — — 246 Investment securities called (4,635 ) — — (4,635 ) Discount accretion 84 — — 84 Purchases of private equity securities — 15,706 — 15,706 Sale / pay down of private equity securities — (6,548 ) — (6,548 ) Capitalized interest/dividends — 32 — 32 Purchase of risk participation agreement — — 439 439 Sale of risk participation agreement — — (467 ) (467 ) Balance at December 31, 2019 $ 9,853 $ 94,122 $ 369 $ 104,344 Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2019 $ — $ (2,177 ) $ 457 $ (1,720 ) Year ended December 31, 2018: Balance at January 1, 2018 $ 17,016 $ 55,752 $ 503 $ 73,271 Total gains or losses (realized/unrealized): Included in earnings — 13,849 105 13,954 Included in other comprehensive income (274 ) — — (274 ) Investment securities called (2,616 ) — — (2,616 ) Discount accretion 32 — — 32 Purchases of private equity securities — 16,395 — 16,395 Sale / pay down of private equity securities — (371 ) — (371 ) Capitalized interest/dividends — 34 — 34 Purchase of risk participation agreement — — 61 61 Sale of risk participation agreement — — (179 ) (179 ) Balance at December 31, 2018 $ 14,158 $ 85,659 $ 490 $ 100,307 Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2018 $ — $ 13,849 $ 663 $ 14,512 Gains and losses on the Level 3 assets and liabilities in the table above are reported in the following income categories: (In thousands) Loan Fees and Sales Other Non-Interest Income Investment Securities Gains (Losses), Net Total Year ended December 31, 2019: Total gains or losses included in earnings $ (77 ) $ (16 ) $ (727 ) $ (820 ) Change in unrealized gains or losses relating to assets still held at December 31, 2019 $ 458 $ (1 ) $ (2,177 ) $ (1,720 ) Year ended December 31, 2018: Total gains or losses included in earnings $ (45 ) $ 150 $ 13,849 $ 13,954 Change in unrealized gains or losses relating to assets still held at December 31, 2018 $ 535 $ 128 $ 13,849 $ 14,512 Level 3 Inputs As shown above, the Company's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to auction rate securities (ARS) held by the Bank, investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $9.9 million at December 31, 2019 , while private equity investments, included in other securities, totaled $94.1 million . Information about these inputs is presented in the table and discussions below. Quantitative Information about Level 3 Fair Value Measurements Weighted Valuation Technique Unobservable Input Range Average Auction rate securities Discounted cash flow Estimated market recovery period 5 years Estimated market rate 3.4% - 3.7% Private equity investments Market comparable companies EBITDA multiple 4.0 - 6.0 Mortgage loan commitments Discounted cash flow Probability of funding 47.8% - 100.0% 83.7% Embedded servicing value —% - 2.3% 1.2% The fair values of ARS are estimated using a discounted cash flows analysis in which estimated cash flows are based on mandatory interest rates paid under failing auctions and projected over an estimated market recovery period. Under normal conditions, ARS traded in weekly auctions and were considered liquid investments. The Company's estimate of when these auctions might resume is highly judgmental and subject to variation depending on current and projected market conditions. Few auctions of these securities have been successful in recent years, and most secondary transactions have been privately arranged. Estimated cash flows during the period over which the Company expects to hold the securities are discounted at an estimated market rate. These securities are comprised of bonds issued by various states and municipalities for healthcare and student lending purposes, and market rates are derived for each type. Market rates are calculated at each valuation date using a LIBOR or Treasury based rate plus spreads representing adjustments for liquidity premium and nonperformance risk. The spreads are developed internally by employees in the Company's bond department. An increase in the holding period alone would result in a higher fair value measurement, while an increase in the estimated market rate (the discount rate) alone would result in a lower fair value measurement. The valuation of the ARS portfolio is reviewed on a quarterly basis by the Company's chief investment officers. The fair values of the Company's private equity investments are based on a determination of fair value of the investee company less preference payments assuming the sale of the investee company. Investee companies are normally non-public entities. The fair value of the investee company is determined by reference to the investee's total earnings before interest, depreciation/amortization, and income taxes (EBITDA) multiplied by an EBITDA factor. EBITDA is normally determined based on a trailing prior period adjusted for specific factors including current economic outlook, investee management, and specific unique circumstances such as sales order information, major customer status, regulatory changes, etc. The EBITDA multiple is based on management's review of published trading multiples for recent private equity transactions and other judgments and is derived for each individual investee. The fair value of the Company's investment is then calculated based on its ownership percentage in the investee company. On a quarterly basis, these fair value analyses are reviewed by a valuation committee consisting of investment managers and senior Company management. The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to originate residential mortgage loans are the percentage of commitments that are actually funded and the mortgage servicing value that is inherent in the underlying loan value. A significant increase in the rate of loans that fund would result in a larger derivative asset or liability. A significant increase in the inherent mortgage servicing value would result in an increase in the derivative asset or a reduction in the derivative liability. The probability of funding and the inherent mortgage servicing values are directly impacted by changes in market rates and will generally move in the same direction as interest rates. Instruments Measured at Fair Value on a Nonrecurring Basis For assets measured at fair value on a nonrecurring basis during 2019 and 2018 , and still held as of December 31, 2019 and 2018 , the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation assumptions used to determine each adjustment, and the carrying value of the related individual assets or portfolios at December 31, 2019 and 2018 . Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) Balance at December 31, 2019 Collateral dependent impaired loans $ 422 $ — $ — $ 422 $ (263 ) Mortgage servicing rights 7,749 — — 7,749 (327 ) Long-lived assets 1,098 — — 1,098 (362 ) Balance at December 31, 2018 Collateral dependent impaired loans $ 294 $ — $ — $ 294 $ (269 ) Mortgage servicing rights 6,478 — — 6,478 9 Long-lived assets 914 — — 914 (552 ) Valuation methods for instruments measured at fair value on a nonrecurring basis Following is a description of the Company’s valuation methodologies used for other financial and nonfinancial instruments measured at fair value on a nonrecurring basis. Collateral dependent impaired loans While the overall loan portfolio is not carried at fair value, the Company periodically records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral dependent loans when establishing the allowance for loan losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. In determining the value of real estate collateral, the Company relies on external and internal appraisals of property values depending on the size and complexity of the real estate collateral. The Company maintains a staff of qualified appraisers who also review third party appraisal reports for reasonableness. In the case of non-real estate collateral, reliance is placed on a variety of sources, including external estimates of value and judgments based on the experience and expertise of internal specialists. Values of all loan collateral are regularly reviewed by credit administration. Unobservable inputs to these measurements, which include estimates and judgments often used in conjunction with appraisals, are not readily quantifiable. These measurements are classified as Level 3. Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company at December 31, 2019 and 2018 are shown in the table above. Mortgage servicing rights The Company initially measures its mortgage servicing rights at fair value and amortizes them over the period of estimated net servicing income. They are periodically assessed for impairment based on fair value at the reporting date. Mortgage servicing rights do not trade in an active market with readily observable prices. Accordingly, the fair value is estimated based on a valuation model which calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, market discount rates, cost to service, float earnings rates, and other ancillary income, including late fees. The fair value measurements are classified as Level 3. Long-lived assets |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts and estimated fair values of financial instruments held by the Company are set forth below. Fair value estimates are made at a specific point in time based on relevant market information. They do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for many of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at December 31, 2019 and 2018 : Carrying Amount Estimated Fair Value at December 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets Loans: Business $ 5,565,449 $ — $ — $ 5,526,303 $ 5,526,303 Real estate - construction and land 899,377 — — 898,152 898,152 Real estate - business 2,833,554 — — 2,849,213 2,849,213 Real estate - personal 2,354,760 — — 2,333,002 2,333,002 Consumer 1,964,145 — — 1,938,505 1,938,505 Revolving home equity 349,251 — — 344,424 344,424 Consumer credit card 764,977 — — 708,209 708,209 Overdrafts 6,304 — — 4,478 4,478 Total loans 14,737,817 — — 14,602,286 14,602,286 Loans held for sale 13,809 — 13,809 — 13,809 Investment securities 8,741,888 854,705 7,738,158 149,025 8,741,888 Securities purchased under agreements to resell 850,000 — — 869,592 869,592 Interest earning deposits with banks 395,850 395,850 — — 395,850 Cash and due from banks 491,615 491,615 — — 491,615 Derivative instruments 105,674 — 105,075 599 105,674 Assets held in trust for deferred compensation plan 16,518 16,518 — — 16,518 Total $ 25,353,171 $ 1,758,688 $ 7,857,042 $ 15,621,502 $ 25,237,232 Financial Liabilities Non-interest bearing deposits $ 6,890,687 $ 6,890,687 $ — $ — $ 6,890,687 Savings, interest checking and money market deposits 11,621,716 11,621,716 — — 11,621,716 Certificates of deposit 2,008,012 — — 2,022,629 2,022,629 Federal funds purchased 20,035 20,035 — — 20,035 Securities sold under agreements to repurchase 1,830,737 — — 1,831,518 1,831,518 Other borrowings 988 — 988 — 988 Derivative instruments 10,219 — 9,989 230 10,219 Liabilities held in trust for deferred compensation plan 16,518 16,518 — — 16,518 Total $ 22,398,912 $ 18,548,956 $ 10,977 $ 3,854,377 $ 22,414,310 Carrying Amount Estimated Fair Value at December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets Loans: Business $ 5,106,427 $ — $ — $ 5,017,694 $ 5,017,694 Real estate - construction and land 869,659 — — 868,274 868,274 Real estate - business 2,875,788 — — 2,846,095 2,846,095 Real estate - personal 2,127,083 — — 2,084,370 2,084,370 Consumer 1,955,572 — — 1,916,627 1,916,627 Revolving home equity 376,399 — — 365,069 365,069 Consumer credit card 814,134 — — 756,651 756,651 Overdrafts 15,236 — — 11,223 11,223 Total loans 14,140,298 — — 13,866,003 13,866,003 Loans held for sale 20,694 — 20,694 — 20,694 Investment securities 8,698,666 910,237 7,643,290 145,139 8,698,666 Federal funds sold 3,320 3,320 — — 3,320 Securities purchased under agreements to resell 700,000 — — 693,228 693,228 Interest earning deposits with banks 689,876 689,876 — — 689,876 Cash and due from banks 507,892 507,892 — — 507,892 Derivative instruments 41,210 — 40,627 583 41,210 Assets held in trust for deferred compensation plan 12,968 12,968 — — 12,968 Total $ 24,814,924 $ 2,124,293 $ 7,704,611 $ 14,704,953 $ 24,533,857 Financial Liabilities Non-interest bearing deposits $ 6,980,298 $ 6,980,298 $ — $ — $ 6,980,298 Savings, interest checking and money market deposits 11,685,239 11,685,239 — — 11,685,239 Certificates of deposit 1,658,122 — — 1,663,748 1,663,748 Federal funds purchased 13,170 13,170 — — 13,170 Securities sold under agreements to repurchase 1,943,219 — — 1,944,458 1,944,458 Other borrowings 8,702 — 7,751 951 8,702 Derivative instruments 13,421 — 13,328 93 13,421 Liabilities held in trust for deferred compensation plan 12,968 12,968 — — 12,968 Total $ 22,315,139 $ 18,691,675 $ 21,079 $ 3,609,250 $ 22,322,004 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | Derivative Instruments The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. With the exception of the interest rate floors (discussed below), the Company's derivative instruments are accounted for as free-standing derivatives, and changes in their fair value are recorded in current earnings. December 31 (In thousands) 2019 2018 Interest rate swaps $ 2,606,181 $ 2,006,280 Interest rate floors 1,500,000 1,000,000 Interest rate caps 59,316 62,163 Credit risk participation agreements 316,225 143,460 Foreign exchange contracts 10,936 6,206 Mortgage loan commitments 13,755 14,544 Mortgage loan forward sale contracts 1,943 5,768 Forward TBA contracts 17,500 16,500 Total notional amount $ 4,525,856 $ 3,254,921 The largest group of notional amounts relate to interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity. The customers are engaged in a variety of businesses, including real estate, manufacturing, retail product distribution, education, and retirement communities. These customer swaps are offset by matching contracts purchased by the Company from other financial dealer institutions. Contracts with dealers that require central clearing are novated to a clearing agency who becomes the Company's counterparty. Because of the matching terms of the offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in fair value subsequent to initial recognition have a minimal effect on earnings. Many of the Company’s interest rate swap contracts with large financial institutions contain contingent features relating to debt ratings or capitalization levels. Under these provisions, if the Company’s debt rating falls below investment grade or if the Company ceases to be “well-capitalized” under risk-based capital guidelines, certain counterparties can require immediate and ongoing collateralization on interest rate swaps in net liability positions or instant settlement of the contracts. The Company maintains debt ratings and capital well above these minimum requirements. As of December 31, 2019 , the Company has entered into three interest rate floors with a combined notional value of $1.5 billion , to hedge the risk of declining interest rates on certain floating rate commercial loans indexed to one month LIBOR. The first interest rate floor has a purchased strike rate of 2.25% and became effective on January 1, 2020 and matures on January 1, 2026 . The second interest rate floor has a purchased strike rate of 2.50% and is effective on June 1, 2020 and matures on June 1, 2026 . The third interest rate floor has a purchased strike rate of 2.00% and is effective December 15, 2020 and matures on December 15, 2026 . The premiums paid for these floors totaled $31.3 million . As of December 31, 2019 , the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is approximately 7.0 years. The interest rate floors qualified and were designated as cash flow hedges and were assessed for effectiveness using regression analysis. The change in the fair value of the interest rate floors are recorded in AOCI, net of the amortization of the premium paid, which is recorded against interest and fees on loans in the consolidated statements of income. As of December 31, 2019 , net deferred gains on the interest rate floors totaled $40.4 million (pre-tax) and were recorded in AOCI in the consolidated balance sheet. As of December 31, 2019 , it is expected that $4.1 million (pre-tax) of interest rate floor premium amortization will be reclassified from AOCI into earnings over the next twelve months. The Company also contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps through risk participation agreements. The Company’s risks and responsibilities as guarantor are further discussed in Note 21 on Commitments, Contingencies and Guarantees. In addition, the Company enters into foreign exchange contracts, which are mainly comprised of contracts to purchase or deliver foreign currencies for customers at specific future dates. Under its program to sell residential mortgage loans in the secondary market, the Company designates certain newly-originated residential mortgage loans as held for sale. Derivative instruments arising from this activity include mortgage loan commitments and forward loan sale contracts. Changes in the fair values of the loan commitments and funded loans prior to sale that are due to changes in interest rates are economically hedged with forward contracts to sell residential mortgage-backed securities in the to-be-announced (TBA) market. These forward TBA contracts are also considered to be derivatives and are settled in cash at the security settlement date. The fair values of the Company’s derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 17 on Fair Value Measurements. The Company's policy is to present its derivative assets and derivative liabilities on a gross basis in its consolidated balance sheets and these are reported in other assets and other liabilities. Certain collateral posted to and from the Company's clearing counterparty has been offset against the fair values of cleared swaps, such that at December 31, 2019 in the table below, the positive fair values of cleared swaps were reduced by $617 thousand and the negative fair values of cleared swaps were reduced by $28.5 million . At December 31, 2018 , the positive fair values of cleared swaps were reduced by $8.1 million and the negative fair values of cleared swaps were reduced by $6.5 million . Asset Derivatives Liability Derivatives December 31 December 31 2019 2018 2019 2018 (In thousands ) Fair Value Fair Value Derivatives designated as hedging instruments: Interest rate floors $ 67,192 $ 29,031 $ — $ — Total derivatives designated as hedging instruments $ 67,192 $ 29,031 $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps $ 37,774 $ 11,537 $ (9,916 ) $ (13,110 ) Interest rate caps 4 24 (4 ) (24 ) Credit risk participation agreements 140 47 (230 ) (93 ) Foreign exchange contracts 97 20 (32 ) (8 ) Mortgage loan commitments 459 536 — — Mortgage loan forward sale contracts 6 15 (2 ) (8 ) Forward TBA contracts 2 — (35 ) (178 ) Total derivatives not designated as hedging instruments $ 38,482 $ 12,179 $ (10,219 ) $ (13,421 ) Total $ 105,674 $ 41,210 $ (10,219 ) $ (13,421 ) The pre-tax effects of derivative instruments on the consolidated statements of income are shown in the tables below. Amount of Gain or (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income (In thousands) Total Included Component Excluded Component (In thousands) Total Included Component Excluded Component For the Year Ended December 31, 2019 Derivatives in cash flow hedging relationships: Interest rate floors* $ 27,481 $ 50,327 $ (22,846 ) Interest and fees on loans $ (3,793 ) $ — $ (3,793 ) Total $ 27,481 $ 50,327 $ (22,846 ) Total $ (3,793 ) $ — $ (3,793 ) For the Year Ended December 31, 2018 Derivatives in cash flow hedging relationships: Interest rate floors* $ 8,381 $ — $ 8,381 Interest and fees on loans $ (760 ) $ — $ (760 ) Total $ 8,381 $ — $ 8,381 Total $ (760 ) $ — $ (760 ) * No hedging relationship existed during 2017. Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative For the Years Ended December 31 (In thousands) 2019 2018 2017 Derivative instruments: Interest rate swaps Other non-interest income $ 4,732 $ 3,914 $ 1,978 Interest rate caps Other non-interest income — 11 — Credit risk participation agreements Other non-interest income (16 ) 150 35 Foreign exchange contracts: Other non-interest income 53 31 (80 ) Mortgage loan commitments Loan fees and sales (77 ) (45 ) 231 Mortgage loan forward sale contracts Loan fees and sales (3 ) 5 64 Forward TBA contracts Loan fees and sales (837 ) 414 (648 ) Total $ 3,852 $ 4,480 $ 1,580 The following table shows the extent to which assets and liabilities relating to derivative instruments have been offset in the consolidated balance sheets. It also provides information about these instruments which are subject to an enforceable master netting arrangement, irrespective of whether they are offset, and the extent to which the instruments could potentially be offset. Also shown is collateral received or pledged in the form of other financial instruments, which is generally cash or marketable securities. The collateral amounts in this table are limited to the outstanding balances of the related asset or liability (after netting is applied); thus amounts of excess collateral are not shown. Most of the derivatives in the following table were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default. While the Company is party to master netting arrangements with most of its swap derivative counterparties, the Company does not offset derivative assets and liabilities under these arrangements on its consolidated balance sheet. Collateral exchanged between the Company and dealer bank counterparties is generally subject to thresholds and transfer minimums, and usually consist of marketable securities. By contract, these may be sold or re-pledged by the secured party until recalled at a subsequent valuation date by the pledging party. For those swap transactions requiring central clearing, the Company posts cash or securities to its clearing agent. Collateral positions are valued daily, and adjustments to amounts received and pledged by the Company are made as appropriate to maintain proper collateralization for these transactions. Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below. Gross Amounts Not Offset in the Balance Sheet (In thousands) Gross Amount Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Available for Offset Collateral Received/Pledged Net Amount December 31, 2019 Assets: Derivatives subject to master netting agreements $ 105,147 $ — $ 105,147 $ (8,104 ) $ (59,525 ) $ 37,518 Derivatives not subject to master netting agreements 527 — 527 Total derivatives 105,674 — 105,674 Liabilities: Derivatives subject to master netting agreements 10,083 — 10,083 (8,104 ) (437 ) 1,542 Derivatives not subject to master netting agreements 136 — 136 Total derivatives 10,219 — 10,219 December 31, 2018 Assets: Derivatives subject to master netting agreements $ 40,613 $ — $ 40,613 $ (2,992 ) $ (26,174 ) $ 11,447 Derivatives not subject to master netting agreements 597 — 597 Total derivatives 41,210 — 41,210 Liabilities: Derivatives subject to master netting agreements 13,333 — 13,333 (2,992 ) (261 ) 10,080 Derivatives not subject to master netting agreements 88 — 88 Total derivatives 13,421 — 13,421 |
Resale and Repurchase Agreement
Resale and Repurchase Agreements Resale and Repurchase Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Offsetting [Abstract] | |
Resale and Repurchase Agreements [Text Block] | Resale and Repurchase Agreements The following table shows the extent to which assets and liabilities relating to securities purchased under agreements to resell (resale agreements) and securities sold under agreements to repurchase (repurchase agreements) have been offset in the consolidated balance sheets, in addition to the extent to which they could potentially be offset. Also shown is collateral received or pledged, which consists of marketable securities. The collateral amounts in the table are limited to the outstanding balances of the related asset or liability (after netting is applied); thus amounts of excess collateral are not shown. The agreements in the following table were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default. Resale and repurchase agreements are agreements to purchase/sell securities subject to an obligation to resell/repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral accepted or pledged in resale and repurchase agreements with other financial institutions also may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees. The Company generally retains custody of securities pledged for repurchase agreements with customers. The Company is party to agreements commonly known as collateral swaps. These agreements involve the exchange of collateral under simultaneous repurchase and resale agreements with the same financial institution counterparty. These repurchase and resale agreements have the same principal amounts, inception dates, and maturity dates and have been offset against each other in the consolidated balance sheets, as permitted under the netting provisions of ASC 210-20-45. The collateral swaps totaled $200.0 million at December 31, 2019 and $450.0 million at December 31, 2018 . At December 31, 2019 , the Company had posted collateral of $204.3 million in marketable securities, consisting of agency mortgage-backed bonds, and had accepted $209.6 million in agency mortgage-backed bonds. Gross Amounts Not Offset in the Balance Sheet (In thousands) Gross Amount Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Available for Offset Securities Collateral Received/Pledged Net Amount December 31, 2019 Total resale agreements, subject to master netting arrangements $ 1,050,000 $ (200,000 ) $ 850,000 $ — $ (850,000 ) $ — Total repurchase agreements, subject to master netting arrangements 2,030,737 (200,000 ) 1,830,737 — (1,830,737 ) — December 31, 2018 Total resale agreements, subject to master netting arrangements $ 1,150,000 $ (450,000 ) $ 700,000 $ — $ (700,000 ) $ — Total repurchase agreements, subject to master netting arrangements 2,393,219 (450,000 ) 1,943,219 — (1,943,219 ) — The table below shows the remaining contractual maturities of repurchase agreements outstanding at December 31, 2019 and 2018 , in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings. Remaining Contractual Maturity of the Agreements (In thousands) Overnight and continuous Up to 90 days Greater than 90 days Total December 31, 2019 Repurchase agreements, secured by: U.S. government and federal agency obligations $ 526,283 $ — $ — $ 526,283 Government-sponsored enterprise obligations 32,575 — — 32,575 Agency mortgage-backed securities 973,774 48,517 227,802 1,250,093 Non-agency mortgage-backed securities 71,399 — — 71,399 Asset-backed securities 60,012 40,000 — 100,012 Other debt securities 50,375 — — 50,375 Total repurchase agreements, gross amount recognized $ 1,714,418 $ 88,517 $ 227,802 $ 2,030,737 December 31, 2018 Repurchase agreements, secured by: U.S. government and federal agency obligations $ 387,541 $ 150,000 $ 100,000 $ 637,541 Government-sponsored enterprise obligations 18,466 — — 18,466 Agency mortgage-backed securities 882,744 31,774 213,752 1,128,270 Non-agency mortgage-backed securities 187,740 — — 187,740 Asset-backed securities 322,680 — — 322,680 Other debt securities 98,522 — — 98,522 Total repurchase agreements, gross amount recognized $ 1,897,693 $ 181,774 $ 313,752 $ 2,393,219 |
Commitments, Contingencies And
Commitments, Contingencies And Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies And Guarantees | Commitments, Contingencies and Guarantees The Company engages in various transactions and commitments with off-balance sheet risk in the normal course of business to meet customer financing needs. The Company uses the same credit policies in making the commitments and conditional obligations described below as it does for on-balance sheet instruments. The following table summarizes these commitments at December 31: (In thousands) 2019 2018 Commitments to extend credit: Credit card $ 5,063,166 $ 5,328,502 Other 6,123,264 5,840,967 Standby letters of credit, net of participations 377,338 353,905 Commercial letters of credit 7,050 13,774 Commitments to extend credit are legally binding agreements to lend to a borrower providing there are no violations of any conditions established in the contract. As many of the commitments are expected to expire without being drawn upon, the total commitment does not necessarily represent future cash requirements. Refer to Note 2 on Loans and Allowance for Loan Losses for further discussion. Commercial letters of credit act as a means of ensuring payment to a seller upon shipment of goods to a buyer. The majority of commercial letters of credit issued are used to settle payments in international trade. Typically, letters of credit require presentation of documents which describe the commercial transaction, evidence shipment, and transfer title. The Company, as a provider of financial services, routinely issues financial guarantees in the form of financial and performance standby letters of credit. Standby letters of credit are contingent commitments issued by the Company generally to guarantee the payment or performance obligation of a customer to a third party. While these represent a potential outlay by the Company, a significant amount of the commitments may expire without being drawn upon. The Company has recourse against the customer for any amount it is required to pay to a third party under a standby letter of credit. The letters of credit are subject to the same credit policies, underwriting standards and approval process as loans made by the Company. Most of the standby letters of credit are secured, and in the event of nonperformance by the customer, the Company has rights to the underlying collateral, which could include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. At December 31, 2019 , the Company had recorded a liability in the amount of $2.6 million , representing the carrying value of the guarantee obligations associated with the standby letters of credit. This amount will be accreted into income over the remaining life of the respective commitments. Commitments outstanding under these letters of credit, which represent the maximum potential future payments guaranteed by the Company, were $377.3 million at December 31, 2019 . The Company regularly purchases various state tax credits arising from third-party property redevelopment. These credits are either resold to third parties or retained for use by the Company. During 2019 , purchases and sales of tax credits amounted to $90.6 million and $84.9 million , respectively. At December 31, 2019 , the Company had outstanding purchase commitments totaling $160.9 million that it expects to fund in 2020 . The Company periodically enters into risk participation agreements (RPAs) as a guarantor to other financial institutions, in order to mitigate those institutions’ credit risk associated with interest rate swaps with third parties. The RPA stipulates that, in the event of default by the third party on the interest rate swap, the Company will reimburse a portion of the loss borne by the financial institution. These interest rate swaps are normally collateralized (generally with real property, inventories and equipment) by the third party, which limits the credit risk associated with the Company’s RPAs. The third parties usually have other borrowing relationships with the Company. The Company monitors overall borrower collateral, and at December 31, 2019 , believes sufficient collateral is available to cover potential swap losses. The RPAs are carried at fair value throughout their term, with all changes in fair value, including those due to a change in the third party’s creditworthiness, recorded in current earnings. The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 3 to 11 years. At December 31, 2019 , the fair value of the Company's guarantee liability RPAs was $230 thousand , and the notional amount of the underlying swaps was $208.9 million . The maximum potential future payment guaranteed by the Company cannot be readily estimated and is dependent upon the fair value of the interest rate swaps at the time of default. The Company has various legal proceedings pending at December 31, 2019 , arising in the normal course of business. While some matters pending against the Company specify damages claimed by plaintiffs, others do not seek a specified amount of damages or are at very early stages of the legal process. The Company records a loss accrual for all legal and regulatory matters for which it deems a loss is probable and can be reasonably estimated. Some matters, which are in the early stages, have not yet progressed to the point where a loss amount can be determined to be probable and estimable. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties The Company’s Chief Executive Officer, its Executive Chairman, and its former Vice Chairman are directors of Tower Properties Company (Tower) and, together with members of their immediate families, beneficially own approximately 67% of the outstanding stock of Tower. At December 31, 2019 , Tower owned 211,996 shares of Company stock. Tower is primarily engaged in the business of owning, developing, leasing and managing real property. Payments from the Company and its affiliates to Tower are summarized below. These payments, with the exception of dividend payments, relate to property management services, including construction oversight, on three Company-owned office buildings and related parking garages in downtown Kansas City. (In thousands) 2019 2018 2017 Leasing agent fees $ 154 $ 133 $ 32 Operation of parking garages 118 95 82 Building management fees 2,001 1,935 1,954 Property construction management fees 250 136 146 Dividends paid on Company stock held by Tower 210 181 232 Total $ 2,733 $ 2,480 $ 2,446 Tower has a $13.5 million line of credit with the Bank which is subject to normal credit terms and has a variable interest rate. The line of credit is collateralized by Company stock and based on collateral value had a maximum borrowing amount of approximately $11.5 million at December 31, 2019 . There were no borrowings under this line during 2019 , and no balance outstanding at December 31, 2019 . There were no borrowings during 2018 , and the maximum borrowings during 2017 were $5.2 million . There was no balance outstanding at December 31, 2018 or 2017 . Interest paid on borrowings during the last three years was not significant. Letters of credit may be collateralized under this line of credit; however, there were no letters of credit outstanding during 2019 , 2018 or 2017 , and thus, no fees were received during these periods. From time to time, the Bank extends additional credit to Tower for construction and development projects. No construction loans were outstanding during 2019 , 2018 and 2017 . Tower leases office space in the Kansas City bank headquarters building owned by the Company. Rent paid to the Company totaled $75 thousand in 2019 , $74 thousand in 2018 , and $74 thousand in 2017 , at $17.00 , $16.69 and $15.75 per square foot, respectively. Directors of the Company and their beneficial interests have deposit accounts with the Bank and may be provided with cash management and other banking services, including loans, in the ordinary course of business. Such loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unrelated persons and did not involve more than the normal risk of collectability. As discussed in Note 21 on Commitments, Contingencies and Guarantees, the Company regularly purchases various state tax credits arising from third-party property redevelopment and resells the credits to third parties. During 2019 , the Company sold state tax credits to its Executive Chairman, its former Vice Chairman, its Chief Executive Officer, and its Chief Credit Officer in the amount of $865 thousand , $663 thousand , $166 thousand , and $83 thousand , respectively, for personal tax planning. During 2018 , the Company sold state tax credits to its Executive Chairman, its former Vice Chairman, and its Chief Executive Officer in the amount of $831 thousand , $759 thousand , and $119 thousand , respectively. During 2017 , the Company sold state tax credits to its Executive Chairman, its former Vice Chairman, and its Chief Executive Officer in the amount of $694 thousand , $598 thousand , and $67 thousand , respectively. The terms of the sales and the amounts paid were the same as the terms and amounts paid for similar tax credits by persons not related to the Company. |
Parent Company Condensed Financ
Parent Company Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Condensed Financial Statements | Parent Company Condensed Financial Statements Following are the condensed financial statements of Commerce Bancshares, Inc. (Parent only) for the periods indicated: Condensed Balance Sheets December 31 (In thousands) 2019 2018 Assets Investment in consolidated subsidiaries: Bank $ 2,687,692 $ 2,587,489 Non-banks 71,290 67,538 Cash 301,913 207,462 Investment securities: Available for sale debt 1,399 2,576 Equity 2,969 3,191 Note receivable due from bank subsidiary 50,000 50,000 Advances to subsidiaries, net of borrowings 26,097 19,867 Income tax benefits 9,973 8,590 Other assets 23,528 23,734 Total assets $ 3,174,861 $ 2,970,447 Liabilities and stockholders’ equity Pension obligation $ 13,028 $ 12,645 Other liabilities 27,149 26,504 Total liabilities 40,177 39,149 Stockholders’ equity 3,134,684 2,931,298 Total liabilities and stockholders’ equity $ 3,174,861 $ 2,970,447 Condensed Statements of Income For the Years Ended December 31 (In thousands) 2019 2018 2017 Income Dividends received from consolidated bank subsidiary $ 500,000 $ 200,000 $ 160,002 Earnings of consolidated subsidiaries, net of dividends (79,641 ) 233,785 147,678 Interest and dividends on investment securities 1,698 10,698 2,099 Management fees charged to subsidiaries 36,776 37,688 30,431 Investment securities gains (losses) 3,572 (4,581 ) 41,717 Net interest income on advances and note to subsidiaries 1,208 1,299 514 Other 4,700 2,390 3,346 Total income 468,313 481,279 385,787 Expense Salaries and employee benefits 32,882 33,588 33,714 Professional fees 2,050 2,383 2,036 Data processing fees paid to affiliates 3,142 3,341 3,512 Community service 87 152 32,093 Other 13,019 10,729 10,671 Total expense 51,180 50,193 82,026 Income tax benefit (4,098 ) (2,456 ) (15,622 ) Net income $ 421,231 $ 433,542 $ 319,383 Condensed Statements of Cash Flows For the Years Ended December 31 (In thousands ) 2019 2018 2017 Operating Activities Net income $ 421,231 $ 433,542 $ 319,383 Adjustments to reconcile net income to net cash provided by operating activities: Earnings of consolidated subsidiaries, net of dividends 79,641 (233,785 ) (147,678 ) Other adjustments, net 2,491 2,505 (11,268 ) Net cash provided by operating activities 503,363 202,262 160,437 Investing Activities Decrease in securities purchased under agreements to resell — — 155,775 (Increase) decrease in investment in subsidiaries, net (12 ) — 11 Proceeds from sales of investment securities 3,856 41,638 11,006 Proceeds from maturities/pay downs of investment securities 1,150 1,988 2,295 Purchases of investment securities (63 ) (125 ) — Note receivable due from bank subsidiary — — (50,000 ) Increase in advances to subsidiaries, net (6,230 ) (5,296 ) (9,518 ) Net purchases of building improvements and equipment (235 ) (133 ) (52 ) Net cash provided by (used in) investing activities (1,534 ) 38,072 109,517 Financing Activities Purchases of treasury stock (134,904 ) (75,231 ) (17,771 ) Accelerated share repurchase agreements (150,000 ) — — Issuance of stock under equity compensation plans (8 ) (10 ) (8 ) Cash dividends paid on common stock (113,466 ) (100,238 ) (91,619 ) Cash dividends paid on preferred stock (9,000 ) (9,000 ) (9,000 ) Net cash used in financing activities (407,378 ) (184,479 ) (118,398 ) Increase in cash 94,451 55,855 151,556 Cash at beginning of year 207,462 151,607 51 Cash at end of year $ 301,913 $ 207,462 $ 151,607 Income tax receipts, net $ (2,337 ) $ (1,965 ) $ (8,991 ) Dividends paid by the Parent to its shareholders were substantially provided from Bank dividends. The Bank may distribute common dividends without prior regulatory approval, provided that the dividends do not exceed the sum of net income for the current year and retained net income for the preceding two years, subject to maintenance of minimum capital requirements. The Parent charges fees to its subsidiaries for management services provided, which are allocated to the subsidiaries based primarily on total average assets. The Parent makes cash advances to its private equity subsidiaries for general short-term cash flow purposes. Advances may be made to the Parent by its subsidiary bank holding company for temporary investment of idle funds. Interest on such advances is based on market rates. In 2017, the Bank borrowed $50.0 million from the Parent as part of its strategy to manage FDIC insurance premiums. The note has a rolling 13 month maturity, and the interest rate is a variable rate equal to the one year treasury rate. For the past several years, the Parent has maintained a $20.0 million line of credit for general corporate purposes with the Bank. The Parent has not borrowed under this line during the past three years. At December 31, 2019 , the fair value of the investment securities held by the Parent consisted of investments of $2.8 million in preferred stock with readily determinable fair values, $188 thousand in equity securities that do not have readily determinable fair values, and $1.4 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature Of Operations | Nature of Operations Commerce Bancshares, Inc. and its subsidiaries (the Company) conducts its principal activities from approximately 316 branch and ATM locations throughout Missouri, Kansas, Illinois, Oklahoma and Colorado. Principal activities include retail and commercial banking, investment management, securities brokerage, mortgage banking, trust, and private banking services. The Company also maintains commercial banking offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. |
Basis Of Presentation | Basis of Presentation The Company follows accounting principles generally accepted in the United States of America (GAAP) and reporting practices applicable to the banking industry. The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes. These estimates are based on information available to management at the time the estimates are made. While the consolidated financial statements reflect management’s best estimates and judgments, actual results could differ from those estimates. The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries (after elimination of all material intercompany balances and transactions). Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no effect on net income or total assets. Management has evaluated subsequent events for potential recognition or disclosure through the date these consolidated financial statements were issued. The Company, in the normal course of business, engages in a variety of activities that involve variable interest entities (VIEs). A VIE is a legal entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. However, an enterprise is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. An enterprise that is the primary beneficiary must consolidate the VIE. The Company’s interests in VIEs are evaluated to determine if the Company is the primary beneficiary both at inception and when there is a change in circumstances that requires a reconsideration. The Company is considered to be the primary beneficiary in a rabbi trust related to a deferred compensation plan offered to certain employees. The assets and liabilities of this trust, which are included in the accompanying consolidated balance sheets, are not significant. The Company also has variable interests in certain entities in which it is not the primary beneficiary. These entities are not consolidated. These interests include affordable housing limited partnership interests, holdings in its investment portfolio of various asset and mortgage-backed bonds that are issued by securitization trusts, and managed discretionary trust assets that are not included in the accompanying consolidated balance sheets. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash In the accompanying consolidated statements of cash flows, cash and cash equivalents include “Cash and due from banks”, “Federal funds sold and short-term securities purchased under agreements to resell”, and “Interest earning deposits with banks” as segregated in the accompanying consolidated balance sheets. Restricted cash is comprised of cash collateral on deposit with another financial institution to secure interest rate swap transactions. Restricted cash is included in other assets in the consolidated balance sheets and totaled $20.3 million and $8.2 million at December 31, 2019 and 2018 , respectively. Regulations of the Federal Reserve System require cash balances to be maintained at the Federal Reserve Bank, based on certain deposit levels. The minimum reserve requirement for the Bank at December 31, 2019 totaled $160.7 million . Other interest earning cash balances held at the Federal Reserve Bank totaled $395.9 million . |
Loans And Related Earnings | Loans and Related Earnings Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of undisbursed loan proceeds, the allowance for loan losses, and any deferred fees and costs on originated loans. Origination fee income received on loans and amounts representing the estimated direct costs of origination are deferred and amortized to interest income over the life of the loan using the interest method. Interest on loans is accrued based upon the principal amount outstanding. Interest income is recognized primarily on the level yield method. Loan and commitment fees, net of costs, are deferred and recognized in income over the term of the loan or commitment as an adjustment of yield. Annual fees charged on credit card loans are capitalized to principal and amortized over 12 months to loan fees and sales. Other credit card fees, such as cash advance fees and late payment fees, are recognized in income as an adjustment of yield when charged to the cardholder’s account. |
Non-Accrual Loans | Non-Accrual Loans Loans are placed on non-accrual status when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. Business, construction real estate, business real estate, and personal real estate loans that are contractually 90 days past due as to principal and/or interest payments are generally placed on non-accrual, unless they are both well-secured and in the process of collection. Consumer, revolving home equity and credit card loans are exempt under regulatory rules from being classified as non-accrual. When a loan is placed on non-accrual status, any interest previously accrued but not collected is reversed against current income, and the loan is charged off to the extent uncollectible. Principal and interest payments received on non-accrual loans are generally applied to principal. Interest is included in income only after all previous loan charge-offs have been recovered and is recorded only as received. The loan is returned to accrual status only when the borrower has brought all past due principal and interest payments current, and, in the opinion of management, the borrower has demonstrated the ability to make future payments of principal and interest as scheduled. A six month history of sustained payment performance is generally required before reinstatement of accrual status. |
Restructured Loans | Troubled Debt Restructurings A loan is accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. A troubled debt restructuring typically involves (1) modification of terms such as a reduction of the stated interest rate, loan principal, or accrued interest, (2) a loan renewal at a stated interest rate lower than the current market rate for a new loan with similar risk, or (3) debt that was not reaffirmed in bankruptcy. Business, business real estate, construction real estate and personal real estate troubled debt restructurings with impairment charges are placed on non-accrual status. The Company measures the impairment loss of a troubled debt restructuring in the same manner as described below. Troubled debt restructurings which are performing under their contractual terms continue to accrue interest which is recognized in current earnings. |
Impaired Loans | Impaired Loans Loans are evaluated regularly by management for impairment. Included in impaired loans are all non-accrual loans, as well as loans that have been classified as troubled debt restructurings. Once a loan has been identified as impaired, impairment is measured based on either the present value of the expected future cash flows at the loan’s initial effective interest rate or the fair value of the collateral if collateral dependent. Factors considered in determining impairment include delinquency status, cash flow analysis, credit analysis, and collateral value and availability. |
Loans Held For Sale | Loans Held For Sale Loans held for sale include student loans and certain fixed rate residential mortgage loans. These loans are typically classified as held for sale upon origination based upon management's intent to sell the production of these loans. The student loans are carried at the lower of aggregate cost or fair value, and their fair value is determined based on sale contract prices. The mortgage loans are carried at fair value under the elected fair value option. Their fair value is based on secondary market prices for loans with similar characteristics, including an adjustment for embedded servicing value. Changes in fair value and gains and losses on sales are included in loan fees and sales. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Interest income related to loans held for sale is accrued based on the principal amount outstanding and the loan's contractual interest rate. Occasionally, other types of loans may be classified as held for sale in order to manage credit concentration. These loans are carried at the lower of cost or fair value with gains and losses on sales recognized in loan fees and sales. |
Allowance/Provision For Loan Losses | Allowance/Provision for Loan Losses The allowance for loan losses is maintained at a level believed to be appropriate by management to provide for probable loan losses inherent in the portfolio as of the balance sheet date, including losses on known or anticipated problem loans as well as for loans which are not currently known to require specific allowances. Management has established a process to determine the amount of the allowance for loan losses which assesses the risks and losses inherent in its portfolio. Business, construction real estate and business real estate loans are normally larger and more complex, and their collection rates are harder to predict. These loans are more likely to be collateral dependent and are allocated a larger reserve, due to their potential volatility. Personal real estate, credit card, consumer and revolving home equity loans are individually smaller and perform in a more homogenous manner, making loss estimates more predictable. Management’s process provides an allowance consisting of a specific allowance component based on certain individually evaluated loans and a general component based on estimates of reserves needed for pools of loans. Loans subject to individual evaluation generally consist of business, construction real estate, business real estate and personal real estate loans on non-accrual status. These impaired loans are evaluated individually for the impairment of repayment potential and collateral adequacy. Other impaired loans identified as performing troubled debt restructurings are collectively evaluated because they have similar risk characteristics. Loans which have not been identified as impaired are segregated by loan type and sub-type and are collectively evaluated. Reserves calculated for these loan pools are estimated using a consistent methodology that considers historical loan loss experience by loan type, loss emergence periods, delinquencies, current economic factors, loan risk ratings and industry concentrations. The Company’s estimate of the allowance for loan losses and the corresponding provision for loan losses is based on various judgments and assumptions made by management. The amount of the allowance for loan losses is influenced by several qualitative factors which include collateral valuation, evaluation of performance and status, current loan portfolio composition and characteristics, trends in delinquencies, portfolio risk ratings, levels of non-performing assets, and prevailing regional and national economic and business conditions. The estimates, appraisals, evaluations, and cash flows utilized by management may be subject to frequent adjustments due to changing economic prospects of borrowers or properties. These estimates are reviewed periodically and adjustments, if necessary, are recorded in the provision for loan losses in the periods in which they become known. Loans, or portions of loans, are charged off to the extent deemed uncollectible. Loan charge-offs reduce the allowance for loan losses, and recoveries of loans previously charged off are added back to the allowance. Business, business real estate, construction real estate and personal real estate loans are generally charged down to estimated collectible balances when they are placed on non-accrual status. Consumer loans and related accrued interest are normally charged down to the fair value of related collateral (or are charged off in full if no collateral) once the loans are more than 120 days delinquent. Credit card loans are charged off against the allowance for loan losses when the receivable is more than 180 days past due. The interest and fee income previously capitalized but not collected on credit card charge-offs is reversed against interest income. |
Direct Financing And Sales Type Leases | Direct Financing and Sales Type Leases The net investment in direct financing and sales type leases is included in loans on the Company’s consolidated balance sheets and consists of the present values of the sum of the future minimum lease payments and estimated residual value of the leased asset. Revenue consists of interest earned on the net investment and is recognized over the lease term as a constant percentage return thereon. |
Investments In Debt And Equity Securities | Investments in Debt and Equity Securities The majority of the Company's investment portfolio is comprised of debt securities that are classified as available for sale. From time to time, the Company sells securities and utilizes the proceeds to reduce borrowings, fund loan growth, or modify its interest rate profile. Securities classified as available for sale are carried at fair value. Changes in fair value, excluding certain losses associated with other-than-temporary impairment (OTTI), are reported in other comprehensive income (loss), a component of stockholders’ equity. Securities are periodically evaluated for OTTI in accordance with guidance provided in ASC 320-10-35. For securities with OTTI, the entire loss in fair value is required to be recognized in current earnings if the Company intends to sell the securities or believes it likely that it will be required to sell the security before the anticipated recovery. If neither condition is met, but the Company does not expect to recover the amortized cost basis, the Company determines whether a credit loss has occurred, and the loss is then recognized in current earnings. The noncredit-related portion of the overall loss is reported in other comprehensive income (loss). Gains and losses realized upon sales of securities are calculated using the specific identification method and are included in investment securities gains (losses), net, in the consolidated statements of income. Purchase premiums and discounts are amortized to interest income using a level yield method over the estimated lives of the securities. For certain callable debt securities purchased at a premium, the amortization is instead recorded to the earliest call date. For mortgage and asset-backed securities, prepayment experience is evaluated quarterly to determine if a change in a bond's estimated remaining life is necessary. A corresponding adjustment is then made in the related amortization of premium or discount accretion. Equity securities include common and preferred stock with readily determinable fair values. These are also carried at fair value. Prior to January 1, 2018, changes in fair value were recorded in other comprehensive income. The Company's adoption of ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities", effective January 1, 2018, required that all subsequent changes in fair value be recorded in current earnings. The adoption also required a reclassification of the unrealized gain in fair value on equity securities (recorded in accumulated other comprehensive income at December 31, 2017) to retained earnings. The amount of this reclassification was $33.3 million , net of tax. Certain equity securities do not have readily determinable fair values. The Company has elected under ASU 2016-01 to measure these at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. The Company has not recorded any impairment or other adjustments to the carrying amount of these investments. Other securities include Federal Reserve Bank stock and Federal Home Loan Bank stock, which are held for debt and regulatory purposes. They are carried at cost and periodically evaluated for other-than-temporary impairment. Also included are investments in portfolio concerns held by the Company’s private equity subsidiaries, which consist of both debt and equity instruments. Private equity investments are carried at fair value in accordance with ASC 946-10-15, with changes in fair value reported in current earnings. In the absence of readily ascertainable market values, fair value is estimated using internally developed methods. Changes in fair value which are recognized in current earnings and gains and losses from sales are included in investment securities gains (losses), net in the consolidated statements of income. Trading account securities, which are debt securities bought and held principally for the purpose of resale in the near term, are carried at fair value. Gains and losses, both realized and unrealized, are recorded in non-interest income. |
Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase | Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions, not as purchases and sales of the underlying securities. The agreements are recorded at the amount of cash advanced or received. The Company periodically enters into securities purchased under agreements to resell with large financial institutions. Securities pledged by the counterparties to secure these agreements are delivered to a third party custodian. Securities sold under agreements to repurchase are a source of funding to the Company and are offered to cash management customers as an automated, collateralized investment account. From time to time, securities sold may also be used by the Bank to obtain additional borrowed funds at favorable rates. These borrowings are secured by a portion of the Company's investment security portfolio and delivered either to the dealer custody account at the FRB or to the applicable counterparty. The fair value of collateral either received from or provided to a counterparty is monitored daily, and additional collateral is obtained, returned, or provided by the Company in order to maintain full collateralization for these transactions. As permitted by current accounting guidance, the Company offsets certain securities purchased under agreements to resell against securities sold under agreements to repurchase in its balance sheet presentation. These agreements are further discussed in Note 20, Resale and Repurchase Agreements. |
Premises and Equipment | Premises and Equipment Land is stated at cost, and buildings and equipment are stated at cost, including capitalized interest when appropriate, less accumulated depreciation. Depreciation is computed using a straight-line method, utilizing estimated useful lives; generally 30 years for buildings, 10 years for building improvements, and 3 to 10 years for equipment. Leasehold improvements are amortized over the shorter of 10 years or the remaining lease term. Maintenance and repairs are charged to non-interest expense as incurred. Premises and equipment also includes the Company's right-of-use leased assets, which is mainly comprised of operating leases for branches, office space, ATM locations, and certain equipment. |
Foreclosed Assets | Foreclosed Assets Foreclosed assets consist of property that has been repossessed and is comprised of commercial and residential real estate and other non-real estate property, including auto and recreational and marine vehicles. The assets are initially recorded at fair value less estimated selling costs, establishing a new cost basis. Initial valuation adjustments are charged to the allowance for loan losses. Fair values are estimated primarily based on appraisals, third-party price opinions, or internally developed pricing models. After initial recognition, fair value estimates are updated periodically. Declines in fair value below cost are recognized through valuation allowances which may be reversed when supported by future increases in fair value. These valuation adjustments, in addition to gains and losses realized on sales and net operating expenses, are recorded in other non-interest expense. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently in certain circumstances. When testing for goodwill impairment, the Company may initially perform a qualitative assessment. Based on the results of this qualitative assessment, if the Company concludes it is more likely than not that a reporting unit's fair value is less than its carrying amount, a quantitative analysis is performed. Quantitative valuation methodologies include a combination of formulas using current market multiples, based on recent sales of financial institutions within the Company's geographic marketplace. If the fair value of a reporting unit is less than the carrying amount, additional analysis is required to measure the amount of impairment. The Company has not recorded impairment resulting from goodwill impairment tests. However, adverse changes in the economic environment, operations of the reporting unit, or other factors could result in a decline in fair value. Intangible assets that have finite useful lives, such as core deposit intangibles and mortgage servicing rights, are amortized over their estimated useful lives. Core deposit intangibles are amortized over periods of 8 to 14 years, representing their estimated lives, using accelerated methods. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. Core deposit intangibles are reviewed for impairment whenever events or changes in circumstances indicate their carrying amount may not be recoverable. Impairment is indicated if the sum of the undiscounted estimated future net cash flows is less than the carrying value of the intangible asset. Mortgage servicing rights, while initially recorded at fair value, are subsequently amortized and carried at the lower of the initial capitalized amount (net of accumulated amortization), or estimated fair value. The Company evaluates its mortgage servicing rights for impairment on a quarterly basis, using estimated prepayment speeds of the underlying mortgage loans serviced and stratifications based on the risk characteristics of the underlying loans. A valuation allowance has been established, through a charge to earnings, to the extent the amortized cost exceeds the estimated fair value. However, the Company has not recorded other-than-temporary impairment losses on either of these types of intangible assets. |
Income Taxes | Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income taxes are provided for temporary differences between the financial reporting bases and income tax bases of the Company’s assets and liabilities, net operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income when such assets and liabilities are anticipated to be settled or realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as tax expense or benefit in the period that includes the enactment date of the change. In determining the amount of deferred tax assets to recognize in the financial statements, the Company evaluates the likelihood of realizing such benefits in future periods. A valuation allowance is established if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company recognizes interest and penalties related to income taxes within income tax expense in the consolidated statements of income. The Company and its eligible subsidiaries file a consolidated federal income tax return. State and local income tax returns are filed on a combined, consolidated or separate return basis based upon each jurisdiction’s laws and regulations. In December 2017, tax reform legislation was enacted that changed the maximum corporate tax rate for years 2018 and beyond. As such, deferred tax assets and liabilities were revalued in 2017 to account for the change in future tax rates. Additional information about current and deferred income taxes is provided in Note 9, Income Taxes. |
Non-Interest Income | Non-Interest Income Non-interest income is mainly comprised of revenue from contracts with customers. For that revenue (excluding certain revenue associated with financial instruments, derivative and hedging instruments, guarantees, lease contracts, transferring and servicing of financial assets, and other specific revenue transactions), the Company applies the following five-step approach when recognizing revenue: (i) identify the contract with the customer, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the performance obligation is satisfied. The Company’s contracts with customers are generally short term in nature, with a duration of one year or less, and most contracts are cancellable by either the Company or its customer without penalty. Performance obligations for customer contracts are generally satisfied at a single point in time, typically when the transaction is complete and the customer has received the goods or service, or over time. For performance obligations satisfied over time, the Company recognizes the value of the goods or services transferred to the customer when the performance obligations have been transferred and received by the customer. Payments for satisfied performance obligations are typically due when or as the goods or services are completed, or shortly thereafter, which usually occurs within a single financial reporting period. In situations where payment is made before the performance obligation is satisfied, the fees are deferred until the performance obligations pertaining to those goods or services are completed. In cases where payment has not been received despite satisfaction of its performance obligations, the Company accrues an estimate of the amount due in the period that the performance obligations have been satisfied. For contracts with variable components, the Company only recognizes revenue to the extent that it is probable that the cumulative amount recognized will not be subject to a significant reversal in future periods. Generally, the Company’s contracts do not include terms that require significant judgment to determine whether a variable component is included within the transaction price. The Company generally acts in a principal capacity, on its own behalf, in most of its contracts with customers. For these transactions, revenue and the related costs to provide the goods or services are presented on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting third parties in transactions with the Company’s customers. In such transactions, revenue and the related costs to provide services is presented on a net basis in the financial statements. These transactions primarily relate to fees earned from bank card and related network and rewards costs and the sales of annuities and certain limited insurance products. |
Derivatives | Derivatives Most of the Company's derivative contracts are accounted for as free-standing instruments. These instruments are carried at fair value, and changes in fair value are recognized in current earnings. They include interest rate swaps and caps, which are offered to customers to assist in managing their risks of adverse changes in interest rates. Each contract between the Company and a customer is offset by a contract between the Company and an institutional counterparty, thus minimizing the Company's exposure to rate changes. The Company also enters into certain contracts, known as credit risk participation agreements, to buy or sell credit protection on specific interest rate swaps. It also purchases and sells forward foreign exchange contracts, either in connection with customer transactions, or for its own trading purposes. In 2015, the Company began an origination and sales program of certain personal real estate mortgages. Derivative instruments under this program include mortgage loan commitments, forward loan sale contracts, and forward contracts to sell certain to-be-announced (TBA) securities. The Company's interest rate risk management policy permits the use of hedge accounting for derivatives, and the Company has entered into interest rate floor contracts as protection from the potential for declining interest rates in the commercial loan portfolio. These floors were designated and qualified as cash flow hedges. In a cash flow hedge, the changes in fair value are recorded in accumulated other comprehensive income and recognized in the income statement when the hedged cash flows affect earnings. Both at hedge inception and on an ongoing basis, the Company assesses whether the interest rate floors used in the hedging relationships are highly effective in offsetting changes in the cash flows of the hedged items. The Company has master netting arrangements with various counterparties but does not offset derivative assets and liabilities under these arrangements in its consolidated balance sheets. However, interest rate swaps that are executed under central clearing requirements are presented net of variation margin as mandated by the statutory terms of the Company's contract with its clearing counterparty. |
Pension Plan | Pension Plan The Company’s pension plan is described in Note 10, Employee Benefit Plans. Historically, the Company has reported all components of net periodic pension cost in salaries and employee benefits in its consolidated statements of income. Upon the adoption of ASU 2017-07 "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost", in 2018, only the service cost component of net periodic pension cost is reported in salaries and employee benefits in the accompanying consolidated statements of income, while the other components are reported in other non-interest expense. The funded status of the plan is recognized as an asset or liability in the consolidated balance sheets, and changes in that funded status are recognized in the year in which the changes occur through other comprehensive income. Plan assets and benefit obligations are measured as of the fiscal year end of the plan. The measurement of the projected benefit obligation and pension expense involve actuarial valuation methods and the use of various actuarial and economic assumptions. The Company monitors the assumptions and updates them periodically. Due to the long-term nature of the pension plan obligation, actual results may differ significantly from estimations. Such differences are adjusted over time as the assumptions are replaced by facts and values are recalculated. |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based employee compensation plan is described in Note 11, Stock-Based Compensation and Directors Stock Purchase Plan. In accordance with the requirements of ASC 718-10-30-3 and 35-2, the Company measures the cost of stock-based compensation based on the grant-date fair value of the award, recognizing the cost over the requisite service period, which is generally the vesting period. The fair value of an option award is estimated using the Black-Scholes option-pricing model while the fair value of a nonvested stock award is the common stock (CBSH) market price. The expense recognized for stock-based compensation is included in salaries and benefits in the accompanying consolidated statements of income. The Company recognizes forfeitures as a reduction to expense only when they have occurred. |
Treasury Stock | Treasury Stock Purchases of the Company’s common stock are recorded at cost. Upon re-issuance for acquisitions, exercises of stock-based awards or other corporate purposes, treasury stock is reduced based upon the average cost basis of shares held. |
Income Per Share | Income per Share Basic income per share is computed using the weighted average number of common shares outstanding during each year. Diluted income per share includes the effect of all dilutive potential common shares (primarily stock appreciation rights) outstanding during each year. The Company applies the two-class method of computing income per share. The two-class method is an earnings allocation formula that determines income per share for common stock and for participating securities, according to dividends declared and participation rights in undistributed earnings. The Company’s nonvested stock awards are considered to be a class of participating security. All per share data has been restated to reflect the 5% stock dividend distributed in December 2019 . |
Loans And Allowance For Loan _2
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Loans And Allowance For Loan Losses [Abstract] | |
Summary Classification Of Held To Maturity Loan Portfolio | Major classifications within the Company’s held for investment loan portfolio at December 31, 2019 and 2018 are as follows: (In thousands) 2019 2018 Commercial: Business $ 5,565,449 $ 5,106,427 Real estate — construction and land 899,377 869,659 Real estate — business 2,833,554 2,875,788 Personal Banking: Real estate — personal 2,354,760 2,127,083 Consumer 1,964,145 1,955,572 Revolving home equity 349,251 376,399 Consumer credit card 764,977 814,134 Overdrafts 6,304 15,236 Total loans $ 14,737,817 $ 14,140,298 |
Loans To Directors And Executive Officers | Loans to directors and executive officers of the Parent and the Bank, and to their affiliates, are summarized as follows: (In thousands) Balance at January 1, 2019 $ 46,728 Additions 133,607 Amounts collected (123,956 ) Amounts written off — Balance, December 31, 2019 $ 56,379 |
Summary Of Activity In The Allowance For Loan Losses | A summary of the activity in the allowance for losses during the previous three years follows: (In thousands) Commercial Personal Banking Total Balance at December 31, 2016 $ 91,361 $ 64,571 $ 155,932 Provision for loan losses 2,327 42,917 45,244 Deductions: Loans charged off 2,538 52,641 55,179 Less recoveries 2,554 10,981 13,535 Net loans charged off (recoveries) (16 ) 41,660 41,644 Balance at December 31, 2017 93,704 65,828 159,532 Provision for loan losses 254 42,440 42,694 Deductions: Loans charged off 3,164 52,657 55,821 Less recoveries 2,075 11,452 13,527 Net loans charged off 1,089 41,205 42,294 Balance at December 31, 2018 92,869 67,063 159,932 Provision for loan losses 2,816 47,622 50,438 Deductions: Loans charged off 4,711 57,169 61,880 Less recoveries 786 11,406 12,192 Net loans charged off 3,925 45,763 49,688 Balance at December 31, 2019 $ 91,760 $ 68,922 $ 160,682 |
Allowance For Loan Losses And Related Loan Balance Disaggregated On The Basis Of Impairment Methodology | The following table shows the balance in the allowance for loan losses and the related loan balance at December 31, 2019 and 2018 , disaggregated on the basis of impairment methodology. Impaired loans evaluated under ASC 310-10-35 include loans on non-accrual status which are individually evaluated for impairment and other impaired loans deemed to have similar risk characteristics, which are collectively evaluated. All other loans are collectively evaluated for impairment under ASC 450-20. Impaired Loans All Other Loans (In thousands) Allowance for Loan Losses Loans Outstanding Allowance for Loan Losses Loans Outstanding December 31, 2019 Commercial $ 1,629 $ 64,500 $ 90,131 $ 9,233,880 Personal Banking 1,117 17,232 67,805 5,422,205 Total $ 2,746 $ 81,732 $ 157,936 $ 14,656,085 December 31, 2018 Commercial $ 1,780 $ 61,496 $ 91,089 $ 8,790,378 Personal Banking 916 17,120 66,147 5,271,304 Total $ 2,696 $ 78,616 $ 157,236 $ 14,061,682 |
Investment In Impaired Loans | (In thousands) 2019 2018 Non-accrual loans $ 10,220 $ 12,536 Restructured loans (accruing) 71,512 66,080 Total impaired loans $ 81,732 $ 78,616 |
Additional Information About Impaired Loans Held | The following table provides additional information about impaired loans held by the Company at December 31, 2019 and 2018 , segregated between loans for which an allowance for credit losses has been provided and loans for which no allowance has been provided. (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance December 31, 2019 With no related allowance recorded: Business $ 7,054 $ 13,738 $ — $ 7,054 $ 13,738 $ — With an allowance recorded: Business $ 30,437 $ 30,487 $ 837 Real estate – construction and land 46 51 1 Real estate – business 26,963 27,643 791 Real estate – personal 4,729 5,968 258 Consumer 4,421 4,421 35 Revolving home equity 35 35 1 Consumer credit card 8,047 8,047 823 $ 74,678 $ 76,652 $ 2,746 Total $ 81,732 $ 90,390 $ 2,746 December 31, 2018 With no related allowance recorded: Business $ 8,725 $ 14,477 $ — $ 8,725 $ 14,477 $ — With an allowance recorded: Business $ 40,286 $ 40,582 $ 1,223 Real estate – construction and land 416 421 11 Real estate – business 12,069 12,699 546 Real estate – personal 4,461 6,236 266 Consumer 5,510 5,510 38 Revolving home equity 40 40 1 Consumer credit card 7,109 7,109 611 $ 69,891 $ 72,597 $ 2,696 Total $ 78,616 $ 87,074 $ 2,696 |
Total Average Impaired Loans | Total average impaired loans during 2019 and 2018 are shown in the table below. 2019 2018 (In thousands) Commercial Personal Banking Total Commercial Personal Banking Total Average impaired loans: Non-accrual loans $ 9,892 $ 2,031 $ 11,923 $ 7,619 $ 2,122 $ 9,741 Restructured loans (accruing) 49,544 15,667 65,211 73,261 16,526 89,787 Total $ 59,436 $ 17,698 $ 77,134 $ 80,880 $ 18,648 $ 99,528 |
Interest Income Recognized On Impaired Loans | The table below shows interest income recognized during the years ended December 31, 2019 , 2018 and 2017 for impaired loans held at the end of each respective period. This interest all relates to accruing restructured loans, as discussed in the "Troubled debt restructurings" section below. Years Ended December 31 (In thousands) 2019 2018 2017 Interest income recognized on impaired loans: Business $ 1,329 $ 2,219 $ 3,135 Real estate – construction and land 2 25 41 Real estate – business 1,456 558 514 Real estate – personal 136 139 402 Consumer 286 305 307 Revolving home equity 3 3 10 Consumer credit card 828 746 673 Total $ 4,040 $ 3,995 $ 5,082 |
Aging Information On Past Due And Nonaccrual Loans | The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at December 31, 2019 and 2018 . (In thousands) Current or Less Than 30 Days Past Due 30 – 89 Days Past Due 90 Days Past Due and Still Accruing Non-accrual Total December 31, 2019 Commercial: Business $ 5,545,104 $ 12,064 $ 792 $ 7,489 $ 5,565,449 Real estate – construction and land 882,826 13,046 3,503 2 899,377 Real estate – business 2,830,494 2,030 — 1,030 2,833,554 Personal Banking: Real estate – personal 2,345,243 6,129 1,689 1,699 2,354,760 Consumer 1,928,082 34,053 2,010 — 1,964,145 Revolving home equity 347,258 1,743 250 — 349,251 Consumer credit card 742,659 10,703 11,615 — 764,977 Overdrafts 5,972 332 — — 6,304 Total $ 14,627,638 $ 80,100 $ 19,859 $ 10,220 $ 14,737,817 December 31, 2018 Commercial: Business $ 5,086,912 $ 10,057 $ 473 $ 8,985 $ 5,106,427 Real estate – construction and land 867,692 1,963 — 4 869,659 Real estate – business 2,867,347 6,704 22 1,715 2,875,788 Personal Banking: Real estate – personal 2,118,045 6,041 1,165 1,832 2,127,083 Consumer 1,916,320 35,608 3,644 — 1,955,572 Revolving home equity 374,830 875 694 — 376,399 Consumer credit card 792,334 11,140 10,660 — 814,134 Overdrafts 14,937 299 — — 15,236 Total $ 14,038,417 $ 72,687 $ 16,658 $ 12,536 $ 14,140,298 |
Credit Quality Of Commercial Loan Portfolio | The following table provides information about the credit quality of the Commercial loan portfolio, using the Company’s internal rating system as an indicator. The internal rating system is a series of grades reflecting management’s risk assessment, based on its analysis of the borrower’s financial condition. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is applied to loans where the borrower exhibits material negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. Commercial Loans (In thousands) Business Real Estate -Construction Real Estate - Business Total December 31, 2019 Pass $ 5,393,928 $ 856,364 $ 2,659,827 $ 8,910,119 Special mention 80,089 42,541 92,626 215,256 Substandard 83,943 470 80,071 164,484 Non-accrual 7,489 2 1,030 8,521 Total $ 5,565,449 $ 899,377 $ 2,833,554 $ 9,298,380 December 31, 2018 Pass $ 4,915,042 $ 866,527 $ 2,777,374 $ 8,558,943 Special mention 84,391 1,917 51,845 138,153 Substandard 98,009 1,211 44,854 144,074 Non-accrual 8,985 4 1,715 10,704 Total $ 5,106,427 $ 869,659 $ 2,875,788 $ 8,851,874 |
Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding | The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided in the table in the above section on "Delinquent and non-accrual loans" . In addition, FICO scores are obtained and updated on a quarterly basis for most of the loans in the Personal Banking portfolio. This is a published credit score designed to measure the risk of default by taking into account various factors from a borrower's financial history. The bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis. Excluded from the table below are certain personal real estate loans for which FICO scores are not obtained because the loans generally pertain to commercial customer activities and are often underwritten with other collateral considerations. These loans totaled $198.2 million at December 31, 2019 and $201.7 million at December 31, 2018 . The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $199.2 million at December 31, 2019 and $170.3 million at December 31, 2018 . As the healthcare loans are guaranteed by the hospital, customer FICO scores are not obtained for these loans. The personal real estate loans and consumer loans excluded below totaled less than 8% of the Personal Banking portfolio. For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at December 31, 2019 and 2018 by FICO score. Personal Banking Loans % of Loan Category Real Estate - Personal Consumer Revolving Home Equity Consumer Credit Card December 31, 2019 FICO score: Under 600 1.0 % 3.0 % 1.7 % 5.6 % 600 – 659 1.9 5.2 1.9 14.3 660 – 719 9.2 15.4 9.0 32.2 720 – 779 25.7 27.0 21.5 26.6 780 and over 62.2 49.4 65.9 21.3 Total 100.0 % 100.0 % 100.0 % 100.0 % December 31, 2018 FICO score: Under 600 1.1 % 3.1 % 0.8 % 4.4 % 600 – 659 1.8 4.8 1.7 14.0 660 – 719 9.4 16.1 9.1 34.8 720 – 779 24.7 25.7 24.0 26.4 780 and over 63.0 50.3 64.4 20.4 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Additional Information about Troubled Debt Restructurings [Table Text Block] | December 31 (In thousands) 2019 2018 Accruing loans: Commercial $ 55,934 $ 50,904 Assistance programs 8,365 7,410 Consumer bankruptcy 3,592 4,103 Other consumer 3,621 3,663 Non-accrual loans 7,938 9,759 Total troubled debt restructurings $ 79,450 $ 75,839 |
Outstanding Balance Of Loans Classified As Troubled Debt Restructurings | The table below shows the balance of troubled debt restructurings by loan classification at December 31, 2019 , in addition to the outstanding balances of these restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal. (In thousands) December 31, 2019 Balance 90 days past due at any time during previous 12 months Commercial: Business $ 37,055 $ — Real estate – construction and land 44 — Real estate – business 25,933 — Personal Banking: Real estate – personal 3,915 347 Consumer 4,421 83 Revolving home equity 35 — Consumer credit card 8,047 987 Total troubled debt restructurings $ 79,450 $ 1,417 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities, At Fair Value | Investment securities, at fair value, consisted of the following at December 31, 2019 and 2018 : 2019 2018 Available for sale debt securities $ 8,571,626 $ 8,538,041 Trading debt securities 28,161 27,059 Equity securities: Readily determinable fair value 2,929 2,585 No readily determinable fair value 1,280 1,824 Other: Federal Reserve Bank stock 33,770 33,498 Federal Home Loan Bank stock 10,000 10,000 Private equity investments 94,122 85,659 Total investment securities $ 8,741,888 $ 8,698,666 |
Summary Of Available For Sale Investment Securities By Maturity Groupings | (Dollars in thousands) Amortized Cost Fair Value Weighted Average Yield U.S. government and federal agency obligations: Within 1 year $ 57,234 $ 57,192 (.01 )*% After 1 but within 5 years 518,035 533,805 2.17 * After 5 but within 10 years 252,592 260,779 .59 * Total U.S. government and federal agency obligations 827,861 851,776 1.54 * Government-sponsored enterprise obligations: Within 1 year 81,616 81,830 1.99 After 10 years 57,118 57,447 2.65 Total government-sponsored enterprise obligations 138,734 139,277 2.26 State and municipal obligations: Within 1 year 51,230 51,540 2.55 After 1 but within 5 years 740,283 763,396 2.42 After 5 but within 10 years 377,009 395,014 2.56 After 10 years 57,010 57,977 2.92 Total state and municipal obligations 1,225,532 1,267,927 2.49 Mortgage and asset-backed securities: Agency mortgage-backed securities 3,893,247 3,937,964 2.87 Non-agency mortgage-backed securities 796,451 809,782 2.98 Asset-backed securities 1,228,151 1,233,489 2.61 Total mortgage and asset-backed securities 5,917,849 5,981,235 2.83 Other debt securities: Within 1 year 51,998 52,180 After 1 but within 5 years 218,950 222,770 After 5 but within 10 years 54,607 56,461 Total other debt securities 325,555 331,411 Total available for sale debt securities $ 8,435,531 $ 8,571,626 |
Available For Sale Securities Unrealized Gains And Losses By Security Type | For debt securities classified as available for sale, the following table shows the unrealized gains and losses (pre-tax) in AOCI, by security type. (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 U.S. government and federal agency obligations $ 827,861 $ 23,957 $ (42 ) $ 851,776 Government-sponsored enterprise obligations 138,734 730 (187 ) 139,277 State and municipal obligations 1,225,532 42,427 (32 ) 1,267,927 Mortgage and asset-backed securities: Agency mortgage-backed securities 3,893,247 50,890 (6,173 ) 3,937,964 Non-agency mortgage-backed securities 796,451 14,036 (705 ) 809,782 Asset-backed securities 1,228,151 11,056 (5,718 ) 1,233,489 Total mortgage and asset-backed securities 5,917,849 75,982 (12,596 ) 5,981,235 Other debt securities 325,555 5,863 (7 ) 331,411 Total $ 8,435,531 $ 148,959 $ (12,864 ) $ 8,571,626 December 31, 2018 U.S. government and federal agency obligations $ 914,486 $ 4,545 $ (11,379 ) $ 907,652 Government-sponsored enterprise obligations 199,470 55 (3,747 ) 195,778 State and municipal obligations 1,322,785 10,284 (5,030 ) 1,328,039 Mortgage and asset-backed securities: Agency mortgage-backed securities 3,253,433 9,820 (48,268 ) 3,214,985 Non-agency mortgage-backed securities 1,053,854 6,641 (12,779 ) 1,047,716 Asset-backed securities 1,518,976 3,849 (11,211 ) 1,511,614 Total mortgage and asset-backed securities 5,826,263 20,310 (72,258 ) 5,774,315 Other debt securities 339,595 72 (7,410 ) 332,257 Total $ 8,602,599 $ 35,266 $ (99,824 ) $ 8,538,041 |
Cash Flow Model Inputs Used To Calculate Credit Losses | The credit-related portion of the loss on these securities was based on the cash flows projected to be received over the estimated life of the securities, discounted to present value, and compared to the current amortized cost bases of the securities. Significant inputs to the cash flow models used to calculate the credit losses on these securities at December 31, 2019 included the following: Significant Inputs Range Prepayment CPR 0% - 25% Projected cumulative default 9% - 52% Credit support 0% - 20% Loss severity 8% - 63% |
Changes In Recorded Credit Losses | The following table presents a rollforward of the cumulative OTTI credit losses recognized in earnings on all available for sale debt securities. (In thousands) 2019 2018 2017 Cumulative OTTI credit losses at January 1 $ 14,092 $ 14,199 $ 14,080 Credit losses on debt securities for which impairment was not previously recognized 48 58 111 Credit losses on debt securities for which impairment was previously recognized 85 10 274 Increase in expected cash flows that are recognized over remaining life of security (950 ) (175 ) (266 ) Cumulative OTTI credit losses at December 31 $ 13,275 $ 14,092 $ 14,199 |
Securities With Unrealized Losses And Length Of Impairment Period | Debt securities with unrealized losses recorded in AOCI are shown in the table below, along with the length of the impairment period. Less than 12 months 12 months or longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 U.S. government and federal agency obligations $ 31,787 $ 21 $ 25,405 $ 21 $ 57,192 $ 42 Government-sponsored enterprise obligations 6,155 187 — — 6,155 187 State and municipal obligations 6,700 31 1,554 1 8,254 32 Mortgage and asset-backed securities: Agency mortgage-backed securities 652,352 5,306 147,653 867 800,005 6,173 Non-agency mortgage-backed securities 102,931 254 189,747 451 292,678 705 Asset-backed securities 330,876 3,610 152,461 2,108 483,337 5,718 Total mortgage and asset-backed securities 1,086,159 9,170 489,861 3,426 1,576,020 12,596 Other debt securities 5,496 4 997 3 6,493 7 Total $ 1,136,297 $ 9,413 $ 517,817 $ 3,451 $ 1,654,114 $ 12,864 December 31, 2018 U.S. government and federal agency obligations $ 317,699 $ 6,515 $ 116,728 $ 4,864 $ 434,427 $ 11,379 Government-sponsored enterprise obligations — — 188,846 3,747 188,846 3,747 State and municipal obligations 157,838 704 257,051 4,326 414,889 5,030 Mortgage and asset-backed securities: Agency mortgage-backed securities 330,933 1,502 1,927,268 46,766 2,258,201 48,268 Non-agency mortgage-backed securities 207,506 1,085 657,685 11,694 865,191 12,779 Asset-backed securities 147,997 728 813,427 10,483 961,424 11,211 Total mortgage and asset-backed securities 686,436 3,315 3,398,380 68,943 4,084,816 72,258 Other debt securities 51,836 564 260,682 6,846 312,518 7,410 Total $ 1,213,809 $ 11,098 $ 4,221,687 $ 88,726 $ 5,435,496 $ 99,824 |
Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses | The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings. For the Year Ended December 31 (In thousands) 2019 2018 2017 Proceeds from sales of securities: Available for sale debt securities $ 402,103 $ 667,227 $ 779,793 Equity securities 3,856 41,637 10,953 Other 7,244 — 1,634 Total proceeds $ 413,203 $ 708,864 $ 792,380 Investment securities gains (losses), net: Available for sale debt securities: Losses realized on called bonds $ — $ — $ (254 ) Gains realized on sales 2,354 448 592 Losses realized on sales (2,568 ) (10,101 ) (10,287 ) Other-than-temporary impairment recognized on debt securities (133 ) (68 ) (385 ) Equity securities: Gains realized on donations of securities — — 31,074 Gains realized on sales 3,262 1,759 10,653 Losses realized on sales — (8,917 ) (10 ) Fair value adjustments, net 344 2,542 — Other: Gains realized on sales 1,094 — 381 Losses realized on sales — — (880 ) Fair value adjustments, net (727 ) 13,849 (5,833 ) Total investment securities gains (losses), net $ 3,626 $ (488 ) $ 25,051 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Land, Buildings And Equipment | Premises and equipment consist of the following at December 31, 2019 and 2018 : (In thousands) 2019 2018 Land $ 91,678 $ 91,603 Buildings and improvements 566,177 545,510 Equipment 237,047 226,666 Right of use leased assets 28,195 — Total 923,097 863,779 Less accumulated depreciation 552,460 530,660 Net premises and equipment $ 370,637 $ 333,119 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets With Estimable Useful Lives | The following table presents information about the Company's intangible assets which have estimable useful lives. December 31, 2019 December 31, 2018 ( In thousands) Gross Carrying Amount Accumulated Amortization Valuation Allowance Net Amount Gross Carrying Amount Accumulated Amortization Valuation Allowance Net Amount Amortizable intangible assets: Core deposit premium $ 31,270 $ (29,485 ) $ — $ 1,785 $ 31,270 $ (28,954 ) $ — $ 2,316 Mortgage servicing rights 12,942 (4,866 ) (327 ) 7,749 10,339 (3,861 ) — 6,478 Total $ 44,212 $ (34,351 ) $ (327 ) $ 9,534 $ 41,609 $ (32,815 ) $ — $ 8,794 |
Schedule Of Goodwill Allocated By Operating Segments | The carrying amount of goodwill and its allocation among segments at December 31, 2019 and 2018 is shown in the table below. As a result of ongoing assessments, no impairment of goodwill was recorded in 2019 , 2018 or 2017 . Further, the annual assessment of qualitative factors on January 1, 2020 revealed no likelihood of impairment as of that date. (In thousands) December 31, 2019 December 31, 2018 Consumer segment $ 70,721 $ 70,721 Commercial segment 67,454 67,454 Wealth segment 746 746 Total goodwill $ 138,921 $ 138,921 |
Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets | Changes in the net carrying amount of goodwill and other net intangible assets for the years ended December 31, 2019 and 2018 are shown in the following table. (In thousands) Goodwill Core Deposit Premium Mortgage Servicing Rights Balance at December 31, 2017 $ 138,921 $ 2,965 $ 4,653 Originations — — 2,433 Amortization — (649 ) (617 ) Impairment reversal — — 9 Balance at December 31, 2018 138,921 2,316 6,478 Originations — — 2,603 Amortization — (531 ) (1,005 ) Impairment — — (327 ) Balance at December 31, 2019 $ 138,921 $ 1,785 $ 7,749 |
Schedule of Estimated Annual Amortization Expense | The following table shows the estimated future amortization expense based on existing asset balances and the interest rate environment as of December 31, 2019 . The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions. (In thousands) 2020 $ 1,507 2021 1,286 2022 1,099 2023 919 2024 770 |
Leases (Tables)
Leases (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The maturities of operating leases are included in the table below. (in thousands) Operating Leases (1) 2020 $ 5,913 2021 5,001 2022 4,304 2023 3,802 2024 2,530 After 2024 12,600 Total lease payments $ 34,150 Less: Interest (2) 7,126 Present value of lease liabilities $ 27,024 (1) Excludes $6.5 million of legally binding minimum lease payments for operating leases signed but not yet commenced. (2) Calculated using the interest rate for each lease. | |
Lease, Cost [Table Text Block] | The following table presents the average lease term and discount rate of operating leases. December 31, 2019 Weighted-average remaining lease term 11.7 years Weighted-average discount rate 3.67 % | |
Schedule of Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Supplemental cash flow information related to operating leases is included in the table below. For the Year Ended December 31 (in thousands) 2019 Operating cash paid toward lease liabilities $ 5,989 Leased assets obtained in exchange for new lease liabilities $ 3,958 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments as of December 31, 2018 are shown below, which include leases that have not yet commenced. (in thousands) Year Ended December 31 Total 2019 $ 5,763 2020 4,817 2021 4,055 2022 3,598 2023 3,273 After 15,161 Total minimum lease payments $ 36,667 | |
Components of Lease Income [Table Text Block] | The following table provides the components of lease income. For the Year Ended December 31 (in thousands) 2019 Direct financing and sales-type leases 24,062 Operating leases (1) 7,951 Total lease income $ 32,013 (1) Includes rent of $75 thousand from Tower Properties Company, a related party. | |
Net Investment in Sales-type and Direct Financing Leases [Table Text Block] | The following table presents the components of the net investments in direct financing and sales-type leases. (in thousands) December 31, 2019 Lease payment receivable $ 738,809 Unguaranteed residual assets 53,408 Total net investments in direct financing and sales-type leases $ 792,217 Deferred origination cost 3,609 Total net investment included within business loans $ 795,826 | |
Schedule of Maturity of Lease Receivables [Table Text Block] | The maturities of lease receivables are included in the table below. (in thousands) Direct Financing and Sale-Type Leases Operating Leases Total 2020 $ 224,297 $ 7,564 $ 231,861 2021 177,143 7,511 184,654 2022 136,787 13,816 150,603 2023 92,813 5,536 98,349 2024 58,773 4,811 63,584 After 2024 114,188 8,643 122,831 Total lease receipts 804,001 $ 47,881 $ 851,882 Less: Net present value adjustment 65,192 Present value of lease receipts $ 738,809 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Scheduled Maturities Of Total Time Open And Certificates Of Deposit | At December 31, 2019 , the scheduled maturities of certificates of deposit were as follows: (In thousands) Due in 2020 $ 1,727,042 Due in 2021 229,487 Due in 2022 27,205 Due in 2023 14,387 Due in 2024 9,838 Thereafter 53 Total $ 2,008,012 |
Maturities Of Time Open And Certificates Of Deposit Detailed Breakdown By Size Category | The following table shows a detailed breakdown of the maturities of certificates of deposit, by size category, at December 31, 2019 . (In thousands) Certificates of Deposit under $100,000 Certificates of Deposit over $100,000 Total Due in 3 months or less $ 117,635 $ 632,064 $ 749,699 Due in over 3 through 6 months 144,309 286,240 430,549 Due in over 6 through 12 months 223,756 323,038 546,794 Due in over 12 months 140,457 140,513 280,970 Total $ 626,157 $ 1,381,855 $ 2,008,012 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | The following table sets forth selected information for federal funds purchased and repurchase agreements. (Dollars in thousands) Year End Weighted Rate Average Weighted Rate Average Balance Outstanding Maximum Outstanding at any Month End Balance at December 31 Federal funds purchased and repurchase agreements: 2019 .8 % 1.6 % $ 1,822,098 $ 2,394,294 $ 1,850,772 2018 .9 1.3 1,514,144 1,981,761 1,956,389 2017 .8 .7 1,462,387 1,984,071 1,507,138 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Components Of Income Tax Expense (Benefit) | The components of income tax expense from operations for the years ended December 31, 2019 , 2018 and 2017 were as follows: (In thousands) Current Deferred Total Year ended December 31, 2019: U.S. federal $ 82,556 $ 11,388 $ 93,944 State and local 12,323 2,807 15,130 Total $ 94,879 $ 14,195 $ 109,074 Year ended December 31, 2018: U.S. federal $ 90,390 $ 3,220 $ 93,610 State and local 10,223 2,116 12,339 Total $ 100,613 $ 5,336 $ 105,949 Year ended December 31, 2017: U.S. federal $ 89,154 $ 12,190 $ 101,344 State and local 7,735 1,427 9,162 Total $ 96,889 $ 13,617 $ 110,506 |
Schedule Of Income Tax Expense Recorded Directly To Stockholders Equity | The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2019 , 2018 and 2017 were as follows: (In thousands) 2019 2018 2017 Unrealized gain (loss) on available for sale debt securities $ 50,163 $ (18,634 ) $ 2,104 Change in fair value on cash flow hedges 7,818 2,286 — Accumulated pension (benefit) loss 389 222 (184 ) Income tax (benefit) expense allocated to stockholders’ equity $ 58,370 $ (16,126 ) $ 1,920 |
Components Of Deferred Tax Assets And Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows: (In thousands) 2019 2018 Deferred tax assets: Loans, principally due to allowance for loan losses $ 39,130 $ 39,169 Unrealized loss on available for sale debt securities — 16,140 Equity-based compensation 7,554 7,609 Deferred compensation 6,662 5,911 Unearned fee income 5,053 4,125 Accrued expenses 4,270 2,152 Other 4,057 4,640 Total deferred tax assets 66,726 79,746 Deferred tax liabilities: Equipment lease financing 68,814 55,738 Unrealized gain on available for sale debt securities 34,024 — Land, buildings and equipment 17,202 14,207 Cash flow hedges 9,015 2,104 Intangibles 6,491 5,973 Other 7,331 5,309 Total deferred tax liabilities 142,877 83,331 Net deferred tax liabilities $ (76,151 ) $ (3,585 ) |
Schedule Of Company's Actual Income Tax Expense | A reconciliation between the expected federal income tax expense using the federal statutory tax rate and the Company's actual income tax expense is provided below. The federal statutory tax rate was 21% in 2019 and 2018, and 35% in 2017. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense. (In thousands) 2019 2018 2017 Computed “expected” tax expense $ 111,364 $ 113,293 $ 150,461 Increase (decrease) in income taxes resulting from: Tax-exempt interest, net of cost to carry (10,973 ) (11,502 ) (20,295 ) Contribution of appreciated securities — — (10,864 ) State and local income taxes, net of federal tax benefit 11,953 9,748 5,955 Tax reform enactment — — (6,753 ) Share-based award payments (3,337 ) (3,928 ) (6,613 ) Other 67 (1,662 ) (1,385 ) Total income tax expense $ 109,074 $ 105,949 $ 110,506 |
Schedule Of Accrued Liability For Unrecognized Tax Benefit | The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2019 and 2018 was as follows: (In thousands) 2019 2018 Unrecognized tax benefits at beginning of year $ 1,257 $ 1,208 Gross increases – tax positions in prior period 18 31 Gross decreases – tax positions in prior period (4 ) — Gross increases – current-period tax positions 361 322 Lapse of statute of limitations (260 ) (304 ) Unrecognized tax benefits at end of year $ 1,372 $ 1,257 The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2016 through 2019 remain open to examination for U.S. federal income tax and for major state taxing jurisdictions. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Employee Benefits Charged To Operating Expenses | Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions. (In thousands) 2019 2018 2017 Payroll taxes $ 26,959 $ 25,712 $ 24,402 Medical plans 29,635 27,030 25,143 401(k) plan 15,810 14,986 14,244 Pension plans 605 651 704 Other 3,049 2,918 2,883 Total employee benefits $ 76,058 $ 71,297 $ 67,376 |
Components Of The Net Pension Cost | The following items are components of the net pension cost for the years ended December 31, 2019 , 2018 and 2017 . (In thousands) 2019 2018 2017 Service cost-benefits earned during the year $ 607 $ 651 $ 621 Interest cost on projected benefit obligation 4,198 3,756 3,826 Expected return on plan assets (4,842 ) (5,255 ) (5,785 ) Amortization of prior service cost (271 ) (271 ) (271 ) Amortization of unrecognized net loss 2,288 2,267 2,313 Net periodic pension cost $ 1,980 $ 1,148 $ 704 |
Summary Of Pension Plans Funded Status | The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2019 and 2018 . (In thousands ) 2019 2018 Change in projected benefit obligation Projected benefit obligation at prior valuation date $ 112,063 $ 120,667 Service cost 607 651 Interest cost 4,198 3,756 Benefits paid (7,016 ) (6,622 ) Actuarial (gain) loss 10,750 (6,389 ) Projected benefit obligation at valuation date 120,602 112,063 Change in plan assets Fair value of plan assets at prior valuation date 99,418 108,260 Actual return on plan assets 15,129 (2,244 ) Employer contributions 25 24 Benefits paid (7,016 ) (6,622 ) Fair value of plan assets at valuation date 107,556 99,418 Funded status and net amount recognized at valuation date $ (13,046 ) $ (12,645 ) |
Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2019 and 2018 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis. (In thousands) 2019 2018 Prior service cost $ 1,265 $ 1,535 Accumulated loss (30,516 ) (32,342 ) Accumulated other comprehensive loss (29,251 ) (30,807 ) Cumulative employer contributions in excess of net periodic benefit cost 16,205 18,162 Net amount recognized as an accrued benefit liability on the December 31 balance sheet $ (13,046 ) $ (12,645 ) Net loss arising during period (461 ) (1,110 ) Amortization of net loss 2,288 2,267 Amortization of prior service cost (271 ) (271 ) Total recognized in other comprehensive income $ 1,556 $ 886 Total expense recognized in net periodic pension cost and other comprehensive income $ (424 ) $ (262 ) |
Assumptions On A Weighted Average Basis, Used In Accounting For Plans | The following assumptions, on a weighted average basis, were used in accounting for the plans. 2019 2018 2017 Determination of benefit obligation at year end: Effective discount rate for benefit obligations 3.07 % 4.14 % 3.57 % Assumed credit on cash balance accounts 5.00 % 5.00 % 5.00 % Determination of net periodic benefit cost for year ended: Effective discount rate for benefit obligations 4.13 % 3.57 % 3.95 % Effective rate for interest on benefit obligations 3.81 % 3.28 % 3.28 % Long-term rate of return on assets 5.00 % 5.00 % 6.00 % Assumed credit on cash balance accounts 5.00 % 5.00 % 5.00 % |
Fair Value Of Pension Plan Asset Category | The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2019 and 2018 . Information about the valuation techniques and inputs used to measure fair value are provided in Note 17 on Fair Value Measurements. Fair Value Measurements (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Assets: U.S. government obligations $ 4,746 $ 4,746 $ — $ — Government-sponsored enterprise obligations (a) 1,302 — 1,302 — State and municipal obligations 8,612 — 8,612 — Agency mortgage-backed securities (b) 8,892 — 8,892 — Non-agency mortgage-backed securities 3,919 — 3,919 — Asset-backed securities 5,093 — 5,093 — Corporate bonds (c) 39,663 — 39,663 — Equity securities and mutual funds: (d) Mutual funds 6,315 6,315 — — Common stocks 22,552 22,552 — — International developed markets funds 4,674 4,674 — — Emerging markets funds 1,788 1,788 — — Total $ 107,556 $ 40,075 $ 67,481 $ — December 31, 2018 Assets: U.S. government obligations $ 2,994 $ 2,994 $ — $ — Government-sponsored enterprise obligations (a) 1,200 — 1,200 — State and municipal obligations 8,299 — 8,299 — Agency mortgage-backed securities (b) 8,209 — 8,209 — Non-agency mortgage-backed securities 4,398 — 4,398 — Asset-backed securities 3,520 — 3,520 — Corporate bonds (c) 37,207 — 37,207 — Equity securities and mutual funds: (d) Mutual funds 8,645 8,645 — — Common stocks 18,173 18,173 — — International developed markets funds 5,046 5,046 — — Emerging markets funds 1,727 1,727 — — Total $ 99,418 $ 36,585 $ 62,833 $ — (a) This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association. (b) This category represents mortgage-backed securities issued by the agencies mentioned in (a). (c) This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries. (d) |
Future Benefit Payments | The following future benefit payments are expected to be paid: (In thousands) 2020 $ 7,281 2021 7,430 2022 7,409 2023 7,467 2024 7,371 2025 - 2029 35,721 |
Stock-Based Compensation and _2
Stock-Based Compensation and Directors Stock Purchase Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary Of The Status Of Nonvested Share Awards | Nonvested Restricted Stock Awards Nonvested stock is awarded to key employees by action of the Company's Compensation and Human Resources Committee and Board of Directors. These awards generally vest after 4 to 7 years of continued employment, but vesting terms may vary according to the specifics of the individual grant agreement. There are restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period. Dividend and voting rights are conferred upon grant of restricted stock awards. A summary of the status of the Company’s nonvested share awards as of December 31, 2019 and changes during the year then ended is presented below. Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 1,239,970 $ 41.18 Granted 217,182 58.82 Vested (339,618 ) 31.33 Forfeited (13,323 ) 47.41 Nonvested at December 31, 2019 1,104,211 $ 47.57 |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Table Text Block] | 2019 2018 2017 Weighted per share average fair value at grant date $11.35 $11.28 $10.83 Assumptions: Dividend yield 1.7 % 1.6 % 1.6 % Volatility 19.8 % 20.6 % 21.1 % Risk-free interest rate 2.6 % 2.7 % 2.4 % Expected term 6.0 years 6.6 years 7.0 years |
Summary Of SAR Activity | ( Dollars in thousands, except per share data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2019 1,119,405 $ 38.30 Granted 196,129 58.82 Forfeited (5,935 ) 49.67 Expired (1,917 ) 37.00 Exercised (257,866 ) 32.30 Outstanding at December 31, 2019 1,049,816 $ 43.55 6.6 years $ 25,601 Exercisable at December 31, 2019 557,763 $ 36.16 5.3 years $ 17,728 |
Schedule Of Additional Information About Stock Options and SARs Exercises | Additional information about stock options and SARs exercised is presented below. (In thousands) 2019 2018 2017 Intrinsic value of options and SARs exercised $ 7,109 $ 9,632 $ 9,310 Tax benefit realized from options and SARs exercised $ 1,385 $ 1,928 $ 2,698 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) | Unrealized Gains (Losses) on Securities (1) Pension Loss Unrealized Gains on Cash Flow Hedge Derivatives (2) Total Accumulated Other Comprehensive Income (Loss) (In thousands) OTTI Other Balance January 1, 2019 $ 3,861 $ (52,278 ) $ (23,107 ) $ 6,855 $ (64,669 ) Other comprehensive income (loss) before reclassifications (975 ) 201,280 (461 ) 27,481 227,325 Amounts reclassified from accumulated other comprehensive income 133 215 2,017 3,793 6,158 Current period other comprehensive income (loss), before tax (842 ) 201,495 1,556 31,274 233,483 Income tax (expense) benefit 210 (50,373 ) (389 ) (7,818 ) (58,370 ) Current period other comprehensive income (loss), net of tax (632 ) 151,122 1,167 23,456 175,113 Transfer of unrealized gain on securities for which impairment was not previously recognized 35 (35 ) — — — Balance December 31, 2019 $ 3,264 $ 98,809 $ (21,940 ) $ 30,311 $ 110,444 Balance January 1, 2018 $ 3,411 $ 30,326 $ (19,629 ) $ — $ 14,108 ASU 2018-02 Reclassification of tax rate change 715 6,359 (4,142 ) — 2,932 ASU 2016-01 Reclassification of unrealized gain on equity securities — (33,320 ) — — (33,320 ) Other comprehensive income (loss) before reclassifications (438 ) (73,725 ) (1,110 ) 8,381 (66,892 ) Amounts reclassified from accumulated other comprehensive income 68 (447 ) 1,996 760 2,377 Current period other comprehensive income (loss), before tax (370 ) (74,172 ) 886 9,141 (64,515 ) Income tax (expense) benefit 93 18,541 (222 ) (2,286 ) 16,126 Current period other comprehensive income (loss), net of tax (277 ) (55,631 ) 664 6,855 (48,389 ) Transfer of unrealized gain on securities for which impairment was not previously recognized 12 (12 ) — — — Balance December 31, 2018 $ 3,861 $ (52,278 ) $ (23,107 ) $ 6,855 $ (64,669 ) (1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income. (2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income. The requirement to revalue deferred tax assets and liabilities in the period of enactment stranded the effects of the tax rate change, mandated by the Tax Cuts and Jobs Act, in accumulated other comprehensive income. In response, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", which the Company adopted on January 1, 2018. This ASU allowed the reclassification of the stranded tax effects from accumulated other comprehensive income (loss) (as shown in the table above) to retained earnings. New accounting guidance, which was effective January 1, 2018, required the reclassification of unrealized gains on equity securities from accumulated other comprehensive income (loss) to retained earnings (also shown above). |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Information By Segment | Segment Income Statement Data (In thousands) Consumer Commercial Wealth Segment Totals Other/Elimination Consolidated Totals Year ended December 31, 2019: Net interest income $ 315,782 $ 342,736 $ 48,058 $ 706,576 $ 114,717 $ 821,293 Provision for loan losses (44,987 ) (4,204 ) (174 ) (49,365 ) (1,073 ) (50,438 ) Non-interest income 135,257 203,952 183,589 522,798 1,905 524,703 Investment securities gains, net — — — — 3,626 3,626 Non-interest expense (297,581 ) (308,686 ) (124,123 ) (730,390 ) (37,008 ) (767,398 ) Income before income taxes $ 108,471 $ 233,798 $ 107,350 $ 449,619 $ 82,167 $ 531,786 Year ended December 31, 2018: Net interest income $ 294,798 $ 344,972 $ 46,946 $ 686,716 $ 137,109 $ 823,825 Provision for loan losses (40,571 ) (1,134 ) 32 (41,673 ) (1,021 ) (42,694 ) Non-interest income 126,253 202,527 173,026 501,806 (465 ) 501,341 Investment securities losses, net — — — — (488 ) (488 ) Non-interest expense (286,181 ) (297,847 ) (123,568 ) (707,596 ) (30,225 ) (737,821 ) Income before income taxes $ 94,299 $ 248,518 $ 96,436 $ 439,253 $ 104,910 $ 544,163 Year ended December 31, 2017: Net interest income $ 276,891 $ 329,087 $ 47,264 $ 653,242 $ 80,437 $ 733,679 Provision for loan losses (40,619 ) 205 (41 ) (40,455 ) (4,789 ) (45,244 ) Non-interest income 121,362 184,577 158,175 464,114 (2,851 ) 461,263 Investment securities gains, net — — — — 25,051 25,051 Non-interest expense (274,225 ) (281,845 ) (120,461 ) (676,531 ) (67,812 ) (744,343 ) Income before income taxes $ 83,409 $ 232,024 $ 84,937 $ 400,370 $ 30,036 $ 430,406 |
Segment Balance Sheet Data | Segment Balance Sheet Data (In thousands) Consumer Commercial Wealth Segment Totals Other/Elimination Consolidated Totals Average balances for 2019: Assets $ 2,375,326 $ 9,486,074 $ 1,288,806 $ 13,150,206 $ 12,063,319 $ 25,213,525 Loans, including held for sale 2,239,100 9,250,645 1,276,839 12,766,584 1,476,630 14,243,214 Goodwill and other intangible assets 79,055 68,109 746 147,910 — 147,910 Deposits 10,236,257 7,848,367 1,832,418 19,917,042 (7,151 ) 19,909,891 Average balances for 2018: Assets $ 2,481,060 $ 9,115,738 $ 1,243,806 $ 12,840,604 $ 11,825,631 $ 24,666,235 Loans, including held for sale 2,346,166 8,939,696 1,233,780 12,519,642 1,425,930 13,945,572 Goodwill and other intangible assets 78,062 68,300 746 147,108 — 147,108 Deposits 10,210,502 8,029,248 1,871,596 20,111,346 19,906 20,131,252 |
Common and Preferred Stock (Tab
Common and Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Summary Of Components Used To Calculate Basic And Diluted Income Per Share | (In thousands, except per share data) 2019 2018 2017 Basic income per common share: Net income attributable to Commerce Bancshares, Inc. $ 421,231 $ 433,542 $ 319,383 Less preferred stock dividends 9,000 9,000 9,000 Net income available to common shareholders 412,231 424,542 310,383 Less income allocated to nonvested restricted stock 4,019 4,558 3,848 Net income allocated to common stock $ 408,212 $ 419,984 $ 306,535 Weighted average common shares outstanding 113,784 116,352 116,375 Basic income per common share $ 3.59 $ 3.61 $ 2.63 Diluted income per common share: Net income available to common shareholders $ 412,231 $ 424,542 $ 310,383 Less income allocated to nonvested restricted stock 4,012 4,547 3,838 Net income allocated to common stock $ 408,219 $ 419,995 $ 306,545 Weighted average common shares outstanding 113,784 116,352 116,375 Net effect of the assumed exercise of stock-based awards -- based on the treasury stock method using the average market price for the respective periods 282 361 410 Weighted average diluted common shares outstanding 114,066 116,713 116,785 Diluted income per common share $ 3.58 $ 3.60 $ 2.62 |
Schedule Of Activity In The Outstanding Shares Of The Company's Common Stock | The table below shows activity in the outstanding shares of the Company’s common stock during the past three years. Shares in the table below are presented on an historical basis and have not been restated for the annual 5% stock dividends. Years Ended December 31 (In thousands) 2019 2018 2017 Shares outstanding at January 1 111,129 106,615 101,461 Issuance of stock: Awards and sales under employee and director plans 329 416 403 5% stock dividend 5,359 5,305 5,078 Other purchases of treasury stock (4,670 ) (1,194 ) (315 ) Other (15 ) (13 ) (12 ) Shares outstanding at December 31 112,132 111,129 106,615 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule Of Capital Amounts And Ratios On Consolidated Basis | The following tables show the capital amounts and ratios for the Company (on a consolidated basis) and the Bank, together with the minimum capital adequacy and well-capitalized capital requirements, at the last two year ends. Actual Minimum Capital Adequacy Requirement Well-Capitalized Capital Requirement (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Total Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 3,052,079 15.48 % $ 1,577,105 8.00 % N.A. N.A. Commerce Bank 2,583,676 13.19 1,566,866 8.00 $ 1,958,583 10.00 % Tier I Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,890,322 14.66 % $ 1,182,829 6.00 % N.A. N.A. Commerce Bank 2,421,919 12.37 1,175,150 6.00 $ 1,566,866 8.00 % Tier I Common Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,745,538 13.93 % $ 887,122 4.50 % N.A. N.A. Commerce Bank 2,421,919 12.37 881,362 4.50 $ 1,273,079 6.50 % Tier I Capital (to adjusted quarterly average assets): (Leverage Ratio) Commerce Bancshares, Inc. (consolidated) $ 2,890,322 11.38 % $ 1,015,771 4.00 % N.A. N.A. Commerce Bank 2,421,919 9.57 1,012,232 4.00 $ 1,265,290 5.00 % December 31, 2018 Total Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 3,022,023 15.82 % $ 1,528,317 8.00 % N.A. N.A. Commerce Bank 2,655,591 13.98 1,519,169 8.00 $ 1,898,962 10.00 % Tier I Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,861,016 14.98 % $ 1,146,238 6.00 % N.A. N.A. Commerce Bank 2,494,584 13.14 1,139,377 6.00 $ 1,519,169 8.00 % Tier I Common Capital (to risk-weighted assets): Commerce Bancshares, Inc. (consolidated) $ 2,716,232 14.22 % $ 859,678 4.50 % N.A. N.A. Commerce Bank 2,494,584 13.14 854,533 4.50 $ 1,234,325 6.50 % Tier I Capital (to adjusted quarterly average assets): (Leverage Ratio) Commerce Bancshares, Inc. (consolidated) $ 2,861,016 11.52 % $ 993,564 4.00 % N.A. N.A. Commerce Bank 2,494,584 10.07 991,185 4.00 $ 1,238,981 5.00 % |
Revenue from Contracts with C_2
Revenue from Contracts with Customers Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Reclassification of Bank Card Transaction Fees [Table Text Block] | The adoption of ASU 2014-09 did not require any significant change to the Company's revenue recognition processes. However, application of the new guidance resulted in a reclassification of certain bank card related network and rewards costs, previously classified as non-interest expense, to a reduction to non-interest income in the Company’s consolidated statements of income. The reclassification had no effect on prior period net income or net income per share. The Company adopted ASU 2014-09 on a full retrospective basis, in which each prior reporting period has been presented in accordance with the new guidance. The table below shows the effect of this reclassification on bank card fee income and non-interest expense for the year ended December 31, 2017. For the year ended December 31, 2017 (In thousands) As Previously Reported Adoption of ASU 2014-09 As Adjusted Non-interest income: Bank card transaction fees $ 180,441 $ (25,341 ) $ 155,100 Total non-interest income 486,604 (25,341 ) 461,263 Non-interest expense: Data processing and software $ 92,246 $ (11,248 ) $ 80,998 Other 77,459 (14,093 ) 63,366 Total non-interest expense 769,684 (25,341 ) 744,343 |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates non-interest income subject to ASU 2014-09 by major product line. For the Year Ended December 31 (In thousands) 2019 2018 2017 Bank card transaction fees $ 167,879 $ 171,576 $ 155,100 Trust fees 155,628 147,964 135,159 Deposit account charges and other fees 95,983 94,517 90,060 Consumer brokerage services 15,804 15,807 14,630 Other non-interest income 48,597 37,440 30,128 Total non-interest income from contracts with customers 483,891 467,304 425,077 Other non-interest income (1) 40,812 34,037 36,186 Total non-interest income $ 524,703 $ 501,341 $ 461,263 (1) This revenue is not within the scope of ASU 2014-09, and includes fees relating to capital market activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents the opening and closing receivable balances for the years ended December 31, 2019 and 2018 for the Company’s significant revenue categories subject to ASU 2014-09. (In thousands) December 31, 2019 December 31, 2018 December 31, 2017 Bank card transaction fees $ 13,915 $ 13,035 $ 13,315 Trust fees 2,093 2,721 2,802 Deposit account charges and other fees 6,523 6,107 5,597 Consumer brokerage services 596 559 380 |
Bank Card Transaction Fees [Table Text Block] | The following table presents the components of bank card fee income. For the Years Ended December 31 (In thousands) 2019 2018 2017 Debit card: Fee income $ 42,106 $ 41,522 $ 40,134 Expense for network charges (2,081 ) (1,784 ) (4,498 ) Net debit card fees 40,025 39,738 35,636 Credit card: Fee income 27,416 26,799 25,275 Expense for network charges and rewards (13,239 ) (13,834 ) (10,699 ) Net credit card fees 14,177 12,965 14,576 Corporate card: Fee income 196,984 199,651 179,642 Expense for network charges and rewards (102,596 ) (100,011 ) (94,823 ) Net corporate card fees 94,388 99,640 84,819 Merchant: Fee income 31,517 30,241 31,863 Fees to cardholder banks (8,779 ) (7,831 ) (8,228 ) Expense for network charges (3,449 ) (3,177 ) (3,566 ) Net merchant fees 19,289 19,233 20,069 Total bank card transaction fees $ 167,879 $ 171,576 $ 155,100 The majority of debit and credit card fees are reported in the Consumer segment, while corporate card and merchant fees are reported in the Commercial segment. |
Trust Fees [Table Text Block] | The following table shows the components of revenue within trust fees, which are reported within the Wealth segment. For the Years Ended December 31 (In thousands) 2019 2018 2017 Private client $ 118,832 $ 111,533 $ 100,358 Institutional 29,468 29,241 27,477 Other 7,328 7,190 7,324 Total trust fees $ 155,628 $ 147,964 $ 135,159 |
Deposit Account Charges and Other Fees [Table Text Block] | The following table shows the components of revenue within deposit account charges and other fees. For the Years Ended December 31 (In thousands) 2019 2018 2017 Corporate cash management fees $ 41,442 $ 38,468 $ 36,044 Overdraft and return item fees 30,596 31,468 30,576 Other service charges on deposit accounts 23,945 24,581 23,440 Total deposit account charges and other fees $ 95,983 $ 94,517 $ 90,060 Approximately half of this revenue is reported in the Consumer segment, while the remainder is reported in the Commercial segment. |
Consumer Brokerage Services Revenue [Table Text Block] | The following shows the components of revenue within consumer brokerage services, and nearly all of this revenue is reported in the Company's Wealth segment. For the Years Ended December 31 (In thousands) 2019 2018 2017 Commission income $ 9,071 $ 8,956 $ 8,400 Managed account services 6,733 6,851 6,230 Total consumer brokerage services $ 15,804 $ 15,807 $ 14,630 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | The table below presents the carrying values of assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 . There were no transfers among levels during these years. Fair Value Measurements Using (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Assets: Residential mortgage loans held for sale $ 9,181 $ — $ 9,181 $ — Available for sale debt securities: U.S. government and federal agency obligations 851,776 851,776 — — Government-sponsored enterprise obligations 139,277 — 139,277 — State and municipal obligations 1,267,927 — 1,258,074 9,853 Agency mortgage-backed securities 3,937,964 — 3,937,964 — Non-agency mortgage-backed securities 809,782 — 809,782 — Asset-backed securities 1,233,489 — 1,233,489 — Other debt securities 331,411 — 331,411 — Trading debt securities 28,161 — 28,161 — Equity securities 2,929 2,929 — — Private equity investments 94,122 — — 94,122 Derivatives * 105,674 — 105,075 599 Assets held in trust for deferred compensation plan 16,518 16,518 — — Total assets 8,828,211 871,223 7,852,414 104,574 Liabilities: Derivatives * 10,219 — 9,989 230 Liabilities held in trust for deferred compensation plan 16,518 16,518 — — Total liabilities $ 26,737 $ 16,518 $ 9,989 $ 230 December 31, 2018 Assets: Residential mortgage loans held for sale $ 13,529 $ — $ 13,529 $ — Available for sale debt securities: U.S. government and federal agency obligations 907,652 907,652 — — Government-sponsored enterprise obligations 195,778 — 195,778 — State and municipal obligations 1,328,039 — 1,313,881 14,158 Agency mortgage-backed securities 3,214,985 — 3,214,985 — Non-agency mortgage-backed securities 1,047,716 — 1,047,716 — Asset-backed securities 1,511,614 — 1,511,614 — Other debt securities 332,257 — 332,257 — Trading debt securities 27,059 — 27,059 — Equity securities 2,585 2,585 — — Private equity investments 85,659 — — 85,659 Derivatives * 41,210 — 40,627 583 Assets held in trust for deferred compensation plan 12,968 12,968 — — Total assets 8,721,051 923,205 7,697,446 100,400 Liabilities: Derivatives * 13,421 — 13,328 93 Liabilities held in trust for deferred compensation plan 12,968 12,968 — — Total liabilities $ 26,389 $ 12,968 $ 13,328 $ 93 * The fair value of each class of derivative is shown in Note 19. . |
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) State and Municipal Obligations Private Equity Investments Derivatives Total Year ended December 31, 2019: Balance at January 1, 2019 $ 14,158 $ 85,659 $ 490 $ 100,307 Total gains or losses (realized/unrealized): Included in earnings — (727 ) (93 ) (820 ) Included in other comprehensive income 246 — — 246 Investment securities called (4,635 ) — — (4,635 ) Discount accretion 84 — — 84 Purchases of private equity securities — 15,706 — 15,706 Sale / pay down of private equity securities — (6,548 ) — (6,548 ) Capitalized interest/dividends — 32 — 32 Purchase of risk participation agreement — — 439 439 Sale of risk participation agreement — — (467 ) (467 ) Balance at December 31, 2019 $ 9,853 $ 94,122 $ 369 $ 104,344 Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2019 $ — $ (2,177 ) $ 457 $ (1,720 ) Year ended December 31, 2018: Balance at January 1, 2018 $ 17,016 $ 55,752 $ 503 $ 73,271 Total gains or losses (realized/unrealized): Included in earnings — 13,849 105 13,954 Included in other comprehensive income (274 ) — — (274 ) Investment securities called (2,616 ) — — (2,616 ) Discount accretion 32 — — 32 Purchases of private equity securities — 16,395 — 16,395 Sale / pay down of private equity securities — (371 ) — (371 ) Capitalized interest/dividends — 34 — 34 Purchase of risk participation agreement — — 61 61 Sale of risk participation agreement — — (179 ) (179 ) Balance at December 31, 2018 $ 14,158 $ 85,659 $ 490 $ 100,307 Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2018 $ — $ 13,849 $ 663 $ 14,512 |
Summary Of Gains And Losses On Level 3 Assets And Liabilities | Gains and losses on the Level 3 assets and liabilities in the table above are reported in the following income categories: (In thousands) Loan Fees and Sales Other Non-Interest Income Investment Securities Gains (Losses), Net Total Year ended December 31, 2019: Total gains or losses included in earnings $ (77 ) $ (16 ) $ (727 ) $ (820 ) Change in unrealized gains or losses relating to assets still held at December 31, 2019 $ 458 $ (1 ) $ (2,177 ) $ (1,720 ) Year ended December 31, 2018: Total gains or losses included in earnings $ (45 ) $ 150 $ 13,849 $ 13,954 Change in unrealized gains or losses relating to assets still held at December 31, 2018 $ 535 $ 128 $ 13,849 $ 14,512 |
Summary Of Quantitative Information About Level 3 Fair Value Measurements | Level 3 Inputs As shown above, the Company's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to auction rate securities (ARS) held by the Bank, investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $9.9 million at December 31, 2019 , while private equity investments, included in other securities, totaled $94.1 million . Information about these inputs is presented in the table and discussions below. Quantitative Information about Level 3 Fair Value Measurements Weighted Valuation Technique Unobservable Input Range Average Auction rate securities Discounted cash flow Estimated market recovery period 5 years Estimated market rate 3.4% - 3.7% Private equity investments Market comparable companies EBITDA multiple 4.0 - 6.0 Mortgage loan commitments Discounted cash flow Probability of funding 47.8% - 100.0% 83.7% Embedded servicing value —% - 2.3% 1.2% |
Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block] | Instruments Measured at Fair Value on a Nonrecurring Basis For assets measured at fair value on a nonrecurring basis during 2019 and 2018 , and still held as of December 31, 2019 and 2018 , the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation assumptions used to determine each adjustment, and the carrying value of the related individual assets or portfolios at December 31, 2019 and 2018 . Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) Balance at December 31, 2019 Collateral dependent impaired loans $ 422 $ — $ — $ 422 $ (263 ) Mortgage servicing rights 7,749 — — 7,749 (327 ) Long-lived assets 1,098 — — 1,098 (362 ) Balance at December 31, 2018 Collateral dependent impaired loans $ 294 $ — $ — $ 294 $ (269 ) Mortgage servicing rights 6,478 — — 6,478 9 Long-lived assets 914 — — 914 (552 ) |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at December 31, 2019 and 2018 : Carrying Amount Estimated Fair Value at December 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets Loans: Business $ 5,565,449 $ — $ — $ 5,526,303 $ 5,526,303 Real estate - construction and land 899,377 — — 898,152 898,152 Real estate - business 2,833,554 — — 2,849,213 2,849,213 Real estate - personal 2,354,760 — — 2,333,002 2,333,002 Consumer 1,964,145 — — 1,938,505 1,938,505 Revolving home equity 349,251 — — 344,424 344,424 Consumer credit card 764,977 — — 708,209 708,209 Overdrafts 6,304 — — 4,478 4,478 Total loans 14,737,817 — — 14,602,286 14,602,286 Loans held for sale 13,809 — 13,809 — 13,809 Investment securities 8,741,888 854,705 7,738,158 149,025 8,741,888 Securities purchased under agreements to resell 850,000 — — 869,592 869,592 Interest earning deposits with banks 395,850 395,850 — — 395,850 Cash and due from banks 491,615 491,615 — — 491,615 Derivative instruments 105,674 — 105,075 599 105,674 Assets held in trust for deferred compensation plan 16,518 16,518 — — 16,518 Total $ 25,353,171 $ 1,758,688 $ 7,857,042 $ 15,621,502 $ 25,237,232 Financial Liabilities Non-interest bearing deposits $ 6,890,687 $ 6,890,687 $ — $ — $ 6,890,687 Savings, interest checking and money market deposits 11,621,716 11,621,716 — — 11,621,716 Certificates of deposit 2,008,012 — — 2,022,629 2,022,629 Federal funds purchased 20,035 20,035 — — 20,035 Securities sold under agreements to repurchase 1,830,737 — — 1,831,518 1,831,518 Other borrowings 988 — 988 — 988 Derivative instruments 10,219 — 9,989 230 10,219 Liabilities held in trust for deferred compensation plan 16,518 16,518 — — 16,518 Total $ 22,398,912 $ 18,548,956 $ 10,977 $ 3,854,377 $ 22,414,310 Carrying Amount Estimated Fair Value at December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets Loans: Business $ 5,106,427 $ — $ — $ 5,017,694 $ 5,017,694 Real estate - construction and land 869,659 — — 868,274 868,274 Real estate - business 2,875,788 — — 2,846,095 2,846,095 Real estate - personal 2,127,083 — — 2,084,370 2,084,370 Consumer 1,955,572 — — 1,916,627 1,916,627 Revolving home equity 376,399 — — 365,069 365,069 Consumer credit card 814,134 — — 756,651 756,651 Overdrafts 15,236 — — 11,223 11,223 Total loans 14,140,298 — — 13,866,003 13,866,003 Loans held for sale 20,694 — 20,694 — 20,694 Investment securities 8,698,666 910,237 7,643,290 145,139 8,698,666 Federal funds sold 3,320 3,320 — — 3,320 Securities purchased under agreements to resell 700,000 — — 693,228 693,228 Interest earning deposits with banks 689,876 689,876 — — 689,876 Cash and due from banks 507,892 507,892 — — 507,892 Derivative instruments 41,210 — 40,627 583 41,210 Assets held in trust for deferred compensation plan 12,968 12,968 — — 12,968 Total $ 24,814,924 $ 2,124,293 $ 7,704,611 $ 14,704,953 $ 24,533,857 Financial Liabilities Non-interest bearing deposits $ 6,980,298 $ 6,980,298 $ — $ — $ 6,980,298 Savings, interest checking and money market deposits 11,685,239 11,685,239 — — 11,685,239 Certificates of deposit 1,658,122 — — 1,663,748 1,663,748 Federal funds purchased 13,170 13,170 — — 13,170 Securities sold under agreements to repurchase 1,943,219 — — 1,944,458 1,944,458 Other borrowings 8,702 — 7,751 951 8,702 Derivative instruments 13,421 — 13,328 93 13,421 Liabilities held in trust for deferred compensation plan 12,968 12,968 — — 12,968 Total $ 22,315,139 $ 18,691,675 $ 21,079 $ 3,609,250 $ 22,322,004 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instrument Detail [Abstract] | |
Schedule Of Notional Amounts Of Derivative Instruments | The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. With the exception of the interest rate floors (discussed below), the Company's derivative instruments are accounted for as free-standing derivatives, and changes in their fair value are recorded in current earnings. December 31 (In thousands) 2019 2018 Interest rate swaps $ 2,606,181 $ 2,006,280 Interest rate floors 1,500,000 1,000,000 Interest rate caps 59,316 62,163 Credit risk participation agreements 316,225 143,460 Foreign exchange contracts 10,936 6,206 Mortgage loan commitments 13,755 14,544 Mortgage loan forward sale contracts 1,943 5,768 Forward TBA contracts 17,500 16,500 Total notional amount $ 4,525,856 $ 3,254,921 |
Schedule Of Fair Values Of Derivative Instruments | The fair values of the Company’s derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 17 on Fair Value Measurements. The Company's policy is to present its derivative assets and derivative liabilities on a gross basis in its consolidated balance sheets and these are reported in other assets and other liabilities. Certain collateral posted to and from the Company's clearing counterparty has been offset against the fair values of cleared swaps, such that at December 31, 2019 in the table below, the positive fair values of cleared swaps were reduced by $617 thousand and the negative fair values of cleared swaps were reduced by $28.5 million . At December 31, 2018 , the positive fair values of cleared swaps were reduced by $8.1 million and the negative fair values of cleared swaps were reduced by $6.5 million . Asset Derivatives Liability Derivatives December 31 December 31 2019 2018 2019 2018 (In thousands ) Fair Value Fair Value Derivatives designated as hedging instruments: Interest rate floors $ 67,192 $ 29,031 $ — $ — Total derivatives designated as hedging instruments $ 67,192 $ 29,031 $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps $ 37,774 $ 11,537 $ (9,916 ) $ (13,110 ) Interest rate caps 4 24 (4 ) (24 ) Credit risk participation agreements 140 47 (230 ) (93 ) Foreign exchange contracts 97 20 (32 ) (8 ) Mortgage loan commitments 459 536 — — Mortgage loan forward sale contracts 6 15 (2 ) (8 ) Forward TBA contracts 2 — (35 ) (178 ) Total derivatives not designated as hedging instruments $ 38,482 $ 12,179 $ (10,219 ) $ (13,421 ) Total $ 105,674 $ 41,210 $ (10,219 ) $ (13,421 ) |
Summary of Cash Flow Hedge Activity [Table Text Block] | Amount of Gain or (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income (In thousands) Total Included Component Excluded Component (In thousands) Total Included Component Excluded Component For the Year Ended December 31, 2019 Derivatives in cash flow hedging relationships: Interest rate floors* $ 27,481 $ 50,327 $ (22,846 ) Interest and fees on loans $ (3,793 ) $ — $ (3,793 ) Total $ 27,481 $ 50,327 $ (22,846 ) Total $ (3,793 ) $ — $ (3,793 ) For the Year Ended December 31, 2018 Derivatives in cash flow hedging relationships: Interest rate floors* $ 8,381 $ — $ 8,381 Interest and fees on loans $ (760 ) $ — $ (760 ) Total $ 8,381 $ — $ 8,381 Total $ (760 ) $ — $ (760 ) * No hedging relationship existed during 2017. |
Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income | Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative For the Years Ended December 31 (In thousands) 2019 2018 2017 Derivative instruments: Interest rate swaps Other non-interest income $ 4,732 $ 3,914 $ 1,978 Interest rate caps Other non-interest income — 11 — Credit risk participation agreements Other non-interest income (16 ) 150 35 Foreign exchange contracts: Other non-interest income 53 31 (80 ) Mortgage loan commitments Loan fees and sales (77 ) (45 ) 231 Mortgage loan forward sale contracts Loan fees and sales (3 ) 5 64 Forward TBA contracts Loan fees and sales (837 ) 414 (648 ) Total $ 3,852 $ 4,480 $ 1,580 |
Balance Sheet Offsetting, Derivatives [Table Text Block] | Gross Amounts Not Offset in the Balance Sheet (In thousands) Gross Amount Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Available for Offset Collateral Received/Pledged Net Amount December 31, 2019 Assets: Derivatives subject to master netting agreements $ 105,147 $ — $ 105,147 $ (8,104 ) $ (59,525 ) $ 37,518 Derivatives not subject to master netting agreements 527 — 527 Total derivatives 105,674 — 105,674 Liabilities: Derivatives subject to master netting agreements 10,083 — 10,083 (8,104 ) (437 ) 1,542 Derivatives not subject to master netting agreements 136 — 136 Total derivatives 10,219 — 10,219 December 31, 2018 Assets: Derivatives subject to master netting agreements $ 40,613 $ — $ 40,613 $ (2,992 ) $ (26,174 ) $ 11,447 Derivatives not subject to master netting agreements 597 — 597 Total derivatives 41,210 — 41,210 Liabilities: Derivatives subject to master netting agreements 13,333 — 13,333 (2,992 ) (261 ) 10,080 Derivatives not subject to master netting agreements 88 — 88 Total derivatives 13,421 — 13,421 |
Resale and Repurchase Agreeme_2
Resale and Repurchase Agreements Resale and Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Offsetting [Abstract] | |
Offsetting, Resale and Repurchase Agreements [Table Text Block] | Gross Amounts Not Offset in the Balance Sheet (In thousands) Gross Amount Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Available for Offset Securities Collateral Received/Pledged Net Amount December 31, 2019 Total resale agreements, subject to master netting arrangements $ 1,050,000 $ (200,000 ) $ 850,000 $ — $ (850,000 ) $ — Total repurchase agreements, subject to master netting arrangements 2,030,737 (200,000 ) 1,830,737 — (1,830,737 ) — December 31, 2018 Total resale agreements, subject to master netting arrangements $ 1,150,000 $ (450,000 ) $ 700,000 $ — $ (700,000 ) $ — Total repurchase agreements, subject to master netting arrangements 2,393,219 (450,000 ) 1,943,219 — (1,943,219 ) — |
Schedule of Underlying Assets of Repurchase Agreements [Table Text Block] | The table below shows the remaining contractual maturities of repurchase agreements outstanding at December 31, 2019 and 2018 , in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings. Remaining Contractual Maturity of the Agreements (In thousands) Overnight and continuous Up to 90 days Greater than 90 days Total December 31, 2019 Repurchase agreements, secured by: U.S. government and federal agency obligations $ 526,283 $ — $ — $ 526,283 Government-sponsored enterprise obligations 32,575 — — 32,575 Agency mortgage-backed securities 973,774 48,517 227,802 1,250,093 Non-agency mortgage-backed securities 71,399 — — 71,399 Asset-backed securities 60,012 40,000 — 100,012 Other debt securities 50,375 — — 50,375 Total repurchase agreements, gross amount recognized $ 1,714,418 $ 88,517 $ 227,802 $ 2,030,737 December 31, 2018 Repurchase agreements, secured by: U.S. government and federal agency obligations $ 387,541 $ 150,000 $ 100,000 $ 637,541 Government-sponsored enterprise obligations 18,466 — — 18,466 Agency mortgage-backed securities 882,744 31,774 213,752 1,128,270 Non-agency mortgage-backed securities 187,740 — — 187,740 Asset-backed securities 322,680 — — 322,680 Other debt securities 98,522 — — 98,522 Total repurchase agreements, gross amount recognized $ 1,897,693 $ 181,774 $ 313,752 $ 2,393,219 |
Commitments, Contingencies An_2
Commitments, Contingencies And Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Off-Balance Sheet Instruments Commitments | The following table summarizes these commitments at December 31: (In thousands) 2019 2018 Commitments to extend credit: Credit card $ 5,063,166 $ 5,328,502 Other 6,123,264 5,840,967 Standby letters of credit, net of participations 377,338 353,905 Commercial letters of credit 7,050 13,774 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Expenses | The Company’s Chief Executive Officer, its Executive Chairman, and its former Vice Chairman are directors of Tower Properties Company (Tower) and, together with members of their immediate families, beneficially own approximately 67% of the outstanding stock of Tower. At December 31, 2019 , Tower owned 211,996 shares of Company stock. Tower is primarily engaged in the business of owning, developing, leasing and managing real property. Payments from the Company and its affiliates to Tower are summarized below. These payments, with the exception of dividend payments, relate to property management services, including construction oversight, on three Company-owned office buildings and related parking garages in downtown Kansas City. (In thousands) 2019 2018 2017 Leasing agent fees $ 154 $ 133 $ 32 Operation of parking garages 118 95 82 Building management fees 2,001 1,935 1,954 Property construction management fees 250 136 146 Dividends paid on Company stock held by Tower 210 181 232 Total $ 2,733 $ 2,480 $ 2,446 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 (In thousands) 2019 2018 Assets Investment in consolidated subsidiaries: Bank $ 2,687,692 $ 2,587,489 Non-banks 71,290 67,538 Cash 301,913 207,462 Investment securities: Available for sale debt 1,399 2,576 Equity 2,969 3,191 Note receivable due from bank subsidiary 50,000 50,000 Advances to subsidiaries, net of borrowings 26,097 19,867 Income tax benefits 9,973 8,590 Other assets 23,528 23,734 Total assets $ 3,174,861 $ 2,970,447 Liabilities and stockholders’ equity Pension obligation $ 13,028 $ 12,645 Other liabilities 27,149 26,504 Total liabilities 40,177 39,149 Stockholders’ equity 3,134,684 2,931,298 Total liabilities and stockholders’ equity $ 3,174,861 $ 2,970,447 |
Condensed Statements Of Income | Condensed Statements of Income For the Years Ended December 31 (In thousands) 2019 2018 2017 Income Dividends received from consolidated bank subsidiary $ 500,000 $ 200,000 $ 160,002 Earnings of consolidated subsidiaries, net of dividends (79,641 ) 233,785 147,678 Interest and dividends on investment securities 1,698 10,698 2,099 Management fees charged to subsidiaries 36,776 37,688 30,431 Investment securities gains (losses) 3,572 (4,581 ) 41,717 Net interest income on advances and note to subsidiaries 1,208 1,299 514 Other 4,700 2,390 3,346 Total income 468,313 481,279 385,787 Expense Salaries and employee benefits 32,882 33,588 33,714 Professional fees 2,050 2,383 2,036 Data processing fees paid to affiliates 3,142 3,341 3,512 Community service 87 152 32,093 Other 13,019 10,729 10,671 Total expense 51,180 50,193 82,026 Income tax benefit (4,098 ) (2,456 ) (15,622 ) Net income $ 421,231 $ 433,542 $ 319,383 |
Condensed Statements Of Cash Flows | Condensed Statements of Cash Flows For the Years Ended December 31 (In thousands ) 2019 2018 2017 Operating Activities Net income $ 421,231 $ 433,542 $ 319,383 Adjustments to reconcile net income to net cash provided by operating activities: Earnings of consolidated subsidiaries, net of dividends 79,641 (233,785 ) (147,678 ) Other adjustments, net 2,491 2,505 (11,268 ) Net cash provided by operating activities 503,363 202,262 160,437 Investing Activities Decrease in securities purchased under agreements to resell — — 155,775 (Increase) decrease in investment in subsidiaries, net (12 ) — 11 Proceeds from sales of investment securities 3,856 41,638 11,006 Proceeds from maturities/pay downs of investment securities 1,150 1,988 2,295 Purchases of investment securities (63 ) (125 ) — Note receivable due from bank subsidiary — — (50,000 ) Increase in advances to subsidiaries, net (6,230 ) (5,296 ) (9,518 ) Net purchases of building improvements and equipment (235 ) (133 ) (52 ) Net cash provided by (used in) investing activities (1,534 ) 38,072 109,517 Financing Activities Purchases of treasury stock (134,904 ) (75,231 ) (17,771 ) Accelerated share repurchase agreements (150,000 ) — — Issuance of stock under equity compensation plans (8 ) (10 ) (8 ) Cash dividends paid on common stock (113,466 ) (100,238 ) (91,619 ) Cash dividends paid on preferred stock (9,000 ) (9,000 ) (9,000 ) Net cash used in financing activities (407,378 ) (184,479 ) (118,398 ) Increase in cash 94,451 55,855 151,556 Cash at beginning of year 207,462 151,607 51 Cash at end of year $ 301,913 $ 207,462 $ 151,607 Income tax receipts, net $ (2,337 ) $ (1,965 ) $ (8,991 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives for asset, years | 30 years |
Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives for asset, years | 10 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives for asset, years | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives for asset, years | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives for asset, years | 10 years |
Core Deposits [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Core deposit intangibles amortized over useful life, years | 8 years |
Core Deposits [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Core deposit intangibles amortized over useful life, years | 14 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Locations | Dec. 31, 2018USD ($) | |
Locations | Locations | 316 | |
Restricted Cash and Cash Equivalents | $ 20,300 | $ 8,200 |
Federal Reserve Bank Reserve Requirement | 160,700 | |
Cash Held at Federal Reserve Bank | $ 395,900 | |
Amortization period of annual fees on credit card loans, months | 12 months | |
Period past due loans are placed on non-accrual, days | 90 days | |
Consumer loans charged down to fair value, days delinquent | 120 days | |
Period past due credit card loans are charged off, days | 180 days | |
Common stock dividend rate percentage | 5.00% | 5.00% |
Accounting Standards Update 2016-01 [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 33,320 |
Loans And Allowance For Loan _3
Loans And Allowance For Loan Losses (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans And Allowance For Loan Losses [Abstract] | ||
Loans To Principal Holders (over 10% ownership in the Company's stock) | $ 0 | |
Unfunded Loan Commitments | 11,200,000,000 | |
Unused Approved Credit Card Lines of Credit | 5,100,000,000 | |
Loans pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits | 4,000,000,000 | |
Loans pledged at the Federal Reserve Bank as collateral for discount window borrowings | 1,600,000,000 | |
Net Investment in Direct Financing and Sales Type Leases | 795,826,000 | $ 752,200,000 |
Deferred income on direct financing and sales-type leases | 71,800,000 | 62,600,000 |
Property Subject to or Available for Operating Lease, Net | 14,700,000 | 16,100,000 |
Decrease in interest income resulting from modification to credit card loans | (1,200,000) | |
Commitments to lend additional funds to customers with restructured loans | 4,700,000 | 1,800,000 |
Loans Held-for-sale, Fair Value Disclosure | 9,200,000 | |
Unpaid Principal Balance on Personal Real Estate Loans Held for Sale | 8,900,000 | |
Personal Real Estate Loans HFS Past Due | 0 | |
Personal Real Estate Loans HFS on Non-Accrual Status | 0 | |
Student Loans Held for Sale, Lower of Cost or Fair Value | 4,600,000 | |
HFS Student Loans on Non-Accrual Status | 0 | |
HFS Student Loans Past Due | 0 | |
Foreclosed real estate | 365,000 | 1,400,000 |
Personal property acquired in repossession | $ 5,500,000 | $ 2,000,000 |
Loans And Allowance For Loan _4
Loans And Allowance For Loan Losses (Summary Classification Of Held To Maturity Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | $ 14,737,817 | $ 14,140,298 |
Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | 5,565,449 | 5,106,427 |
Real Estate - Construction And Land [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | 899,377 | 869,659 |
Real Estate - Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | 2,833,554 | 2,875,788 |
Real Estate - Personal [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | 2,354,760 | 2,127,083 |
Consumer [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | 1,964,145 | 1,955,572 |
Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | 349,251 | 376,399 |
Consumer Credit Card [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | 764,977 | 814,134 |
Overdrafts [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total loans | $ 6,304 | $ 15,236 |
Loans And Allowance For Loan _5
Loans And Allowance For Loan Losses Loans And Allowance For Loan Losses (Loans to Directors and Executive Officers) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Loans to directors and executive officers, beginning balance | $ 46,728 |
Additions | 133,607 |
Amounts collected | (123,956) |
Amounts written off | 0 |
Loans to directors and executive officers, ending balance | $ 56,379 |
Loans And Allowance For Loan _6
Loans And Allowance For Loan Losses (Summary Of Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ 159,932 | $ 159,532 | $ 155,932 |
Provision for loan losses | 50,438 | 42,694 | 45,244 |
Loans charged off | 61,880 | 55,821 | 55,179 |
Less recoveries | 12,192 | 13,527 | 13,535 |
Net loans charged-off (recoveries) | 49,688 | 42,294 | 41,644 |
Balance at end of period | 160,682 | 159,932 | 159,532 |
Commercial Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 92,869 | 93,704 | 91,361 |
Provision for loan losses | 2,816 | 254 | 2,327 |
Loans charged off | 4,711 | 3,164 | 2,538 |
Less recoveries | 786 | 2,075 | 2,554 |
Net loans charged-off (recoveries) | 3,925 | 1,089 | (16) |
Balance at end of period | 91,760 | 92,869 | 93,704 |
Personal Banking Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 67,063 | 65,828 | 64,571 |
Provision for loan losses | 47,622 | 42,440 | 42,917 |
Loans charged off | 57,169 | 52,657 | 52,641 |
Less recoveries | 11,406 | 11,452 | 10,981 |
Net loans charged-off (recoveries) | 45,763 | 41,205 | 41,660 |
Balance at end of period | $ 68,922 | $ 67,063 | $ 65,828 |
Loans And Allowance For Loan _7
Loans And Allowance For Loan Losses (Allowance For Loan Losses And Related Loan Balance Disaggregated On The Basis Of Impairment Methodology) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired loans, Allowance for loan losses | $ 2,746 | $ 2,696 |
Impaired loans, Loans outstanding | 81,732 | 78,616 |
All other loans, Allowance for loan losses | 157,936 | 157,236 |
All other loans, Loans outstanding | 14,656,085 | 14,061,682 |
Commercial Portfolio Segment [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired loans, Allowance for loan losses | 1,629 | 1,780 |
Impaired loans, Loans outstanding | 64,500 | 61,496 |
All other loans, Allowance for loan losses | 90,131 | 91,089 |
All other loans, Loans outstanding | 9,233,880 | 8,790,378 |
Personal Banking Portfolio Segment [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired loans, Allowance for loan losses | 1,117 | 916 |
Impaired loans, Loans outstanding | 17,232 | 17,120 |
All other loans, Allowance for loan losses | 67,805 | 66,147 |
All other loans, Loans outstanding | $ 5,422,205 | $ 5,271,304 |
Loans And Allowance For Loan _8
Loans And Allowance For Loan Losses (Investment In Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Abstract] | ||
Non-accrual loans | $ 10,220 | $ 12,536 |
Restructured loans (accruing) | 71,512 | 66,080 |
Total impaired loans | $ 81,732 | $ 78,616 |
Loans And Allowance For Loan _9
Loans And Allowance For Loan Losses (Additional Information About Impaired Loans Held) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 81,732 | $ 78,616 |
Impaired Financing Receivable, Unpaid Principal Balance | 90,390 | 87,074 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,054 | 8,725 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 13,738 | 14,477 |
Impaired Financing Receivable, with No Related Allowance, Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 74,678 | 69,891 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 76,652 | 72,597 |
Impaired Financing Receivable, Related Allowance | 2,746 | 2,696 |
Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,054 | 8,725 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 13,738 | 14,477 |
Impaired Financing Receivable, with No Related Allowance, Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 30,437 | 40,286 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 30,487 | 40,582 |
Impaired Financing Receivable, Related Allowance | 837 | 1,223 |
Real Estate - Construction And Land [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 46 | 416 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 51 | 421 |
Impaired Financing Receivable, Related Allowance | 1 | 11 |
Real Estate - Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 26,963 | 12,069 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 27,643 | 12,699 |
Impaired Financing Receivable, Related Allowance | 791 | 546 |
Real Estate - Personal [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,729 | 4,461 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,968 | 6,236 |
Impaired Financing Receivable, Related Allowance | 258 | 266 |
Consumer [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,421 | 5,510 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,421 | 5,510 |
Impaired Financing Receivable, Related Allowance | 35 | 38 |
Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 35 | 40 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 35 | 40 |
Impaired Financing Receivable, Related Allowance | 1 | 1 |
Consumer Credit Card [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 8,047 | 7,109 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 8,047 | 7,109 |
Impaired Financing Receivable, Related Allowance | $ 823 | $ 611 |
Loans And Allowance For Loan_10
Loans And Allowance For Loan Losses (Total Average Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans And Allowance For Loan Losses [Line Items] | ||
Non-accrual loans | $ 11,923 | $ 9,741 |
Restructured loans (accruing) | 65,211 | 89,787 |
Average impaired loans | 77,134 | 99,528 |
Commercial Portfolio Segment [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Non-accrual loans | 9,892 | 7,619 |
Restructured loans (accruing) | 49,544 | 73,261 |
Average impaired loans | 59,436 | 80,880 |
Personal Banking Portfolio Segment [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Non-accrual loans | 2,031 | 2,122 |
Restructured loans (accruing) | 15,667 | 16,526 |
Average impaired loans | $ 17,698 | $ 18,648 |
Loans And Allowance For Loan_11
Loans And Allowance For Loan Losses (Interest Income Recognized on Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | $ 4,040 | $ 3,995 | $ 5,082 |
Business [Member] | |||
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | 1,329 | 2,219 | 3,135 |
Real Estate - Construction And Land [Member] | |||
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | 2 | 25 | 41 |
Real Estate - Business [Member] | |||
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | 1,456 | 558 | 514 |
Real Estate - Personal [Member] | |||
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | 136 | 139 | 402 |
Consumer [Member] | |||
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | 286 | 305 | 307 |
Revolving Home Equity [Member] | |||
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | 3 | 3 | 10 |
Consumer Credit Card [Member] | |||
Loans And Allowance For Loan Losses [Line Items] | |||
Interest income recognized on impaired loans | $ 828 | $ 746 | $ 673 |
Loans And Allowance For Loan_12
Loans And Allowance For Loan Losses (Aging Information On Past Due And Accruing Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | $ 14,627,638 | $ 14,038,417 |
30 – 89 Days Past Due | 80,100 | 72,687 |
90 Days Past Due and Still Accruing | 19,859 | 16,658 |
Non-accrual | 10,220 | 12,536 |
Total | 14,737,817 | 14,140,298 |
Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 5,565,449 | 5,106,427 |
Real Estate - Construction And Land [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 899,377 | 869,659 |
Real Estate - Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 2,833,554 | 2,875,788 |
Real Estate - Personal [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 2,354,760 | 2,127,083 |
Consumer [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 1,964,145 | 1,955,572 |
Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 349,251 | 376,399 |
Consumer Credit Card [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 764,977 | 814,134 |
Overdrafts [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 6,304 | 15,236 |
Commercial Portfolio Segment [Member] | Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 5,545,104 | 5,086,912 |
30 – 89 Days Past Due | 12,064 | 10,057 |
90 Days Past Due and Still Accruing | 792 | 473 |
Non-accrual | 7,489 | 8,985 |
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 882,826 | 867,692 |
30 – 89 Days Past Due | 13,046 | 1,963 |
90 Days Past Due and Still Accruing | 3,503 | 0 |
Non-accrual | 2 | 4 |
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 2,830,494 | 2,867,347 |
30 – 89 Days Past Due | 2,030 | 6,704 |
90 Days Past Due and Still Accruing | 0 | 22 |
Non-accrual | 1,030 | 1,715 |
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 2,345,243 | 2,118,045 |
30 – 89 Days Past Due | 6,129 | 6,041 |
90 Days Past Due and Still Accruing | 1,689 | 1,165 |
Non-accrual | 1,699 | 1,832 |
Personal Banking Portfolio Segment [Member] | Consumer [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 1,928,082 | 1,916,320 |
30 – 89 Days Past Due | 34,053 | 35,608 |
90 Days Past Due and Still Accruing | 2,010 | 3,644 |
Non-accrual | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 347,258 | 374,830 |
30 – 89 Days Past Due | 1,743 | 875 |
90 Days Past Due and Still Accruing | 250 | 694 |
Non-accrual | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 742,659 | 792,334 |
30 – 89 Days Past Due | 10,703 | 11,140 |
90 Days Past Due and Still Accruing | 11,615 | 10,660 |
Non-accrual | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Overdrafts [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 days Past Due | 5,972 | 14,937 |
30 – 89 Days Past Due | 332 | 299 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual | $ 0 | $ 0 |
Loans And Allowance For Loan_13
Loans And Allowance For Loan Losses (Credit Quality Of Commercial Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | $ 9,298,380 | $ 8,851,874 |
Pass [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 8,910,119 | 8,558,943 |
Special Mention [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 215,256 | 138,153 |
Substandard [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 164,484 | 144,074 |
Non-Accrual [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 8,521 | 10,704 |
Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 5,565,449 | 5,106,427 |
Real Estate - Construction And Land [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 899,377 | 869,659 |
Real Estate - Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 2,833,554 | 2,875,788 |
Commercial Portfolio Segment [Member] | Business [Member] | Pass [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 5,393,928 | 4,915,042 |
Commercial Portfolio Segment [Member] | Business [Member] | Special Mention [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 80,089 | 84,391 |
Commercial Portfolio Segment [Member] | Business [Member] | Substandard [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 83,943 | 98,009 |
Commercial Portfolio Segment [Member] | Business [Member] | Non-Accrual [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 7,489 | 8,985 |
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member] | Pass [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 856,364 | 866,527 |
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member] | Special Mention [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 42,541 | 1,917 |
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member] | Substandard [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 470 | 1,211 |
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member] | Non-Accrual [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 2 | 4 |
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | Pass [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 2,659,827 | 2,777,374 |
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | Special Mention [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 92,626 | 51,845 |
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | Substandard [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | 80,071 | 44,854 |
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | Non-Accrual [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Commercial Loan Portfolio Gross Carrying Amount | $ 1,030 | $ 1,715 |
Loans And Allowance For Loan_14
Loans And Allowance For Loan Losses (Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding ) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Abstract] | ||
Credit Quality Personal Real Estate Loans Excluded | $ 198.2 | $ 201.7 |
Consumer Healthcare Loans Excluded | $ 199.2 | $ 170.3 |
Credit quality personal banking loan table percentage loans excluded | 8.00% | |
Real Estate - Personal [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Real Estate - Personal [Member] | Under 600 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 1.00% | 1.10% |
Real Estate - Personal [Member] | 600 - 659 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 1.90% | 1.80% |
Real Estate - Personal [Member] | 660 - 719 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 9.20% | 9.40% |
Real Estate - Personal [Member] | 720 - 779 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 25.70% | 24.70% |
Real Estate - Personal [Member] | 780 and over [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 62.20% | 63.00% |
Consumer [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Consumer [Member] | Under 600 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 3.00% | 3.10% |
Consumer [Member] | 600 - 659 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 5.20% | 4.80% |
Consumer [Member] | 660 - 719 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 15.40% | 16.10% |
Consumer [Member] | 720 - 779 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 27.00% | 25.70% |
Consumer [Member] | 780 and over [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 49.40% | 50.30% |
Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Revolving Home Equity [Member] | Under 600 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 1.70% | 0.80% |
Revolving Home Equity [Member] | 600 - 659 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 1.90% | 1.70% |
Revolving Home Equity [Member] | 660 - 719 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 9.00% | 9.10% |
Revolving Home Equity [Member] | 720 - 779 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 21.50% | 24.00% |
Revolving Home Equity [Member] | 780 and over [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 65.90% | 64.40% |
Consumer Credit Card [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Consumer Credit Card [Member] | Under 600 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 5.60% | 4.40% |
Consumer Credit Card [Member] | 600 - 659 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 14.30% | 14.00% |
Consumer Credit Card [Member] | 660 - 719 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 32.20% | 34.80% |
Consumer Credit Card [Member] | 720 - 779 [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 26.60% | 26.40% |
Consumer Credit Card [Member] | 780 and over [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 21.30% | 20.40% |
Loans And Allowance For Loan_15
Loans And Allowance For Loan Losses Loans And Allowance For Loan Losses (Troubled Debt Restructurings by Type of Modification) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | $ 79,450 | $ 75,839 |
Performing/Accruing TDR Commercial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 55,934 | 50,904 |
Performing/AccruingTDR - Assistance programs [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 8,365 | 7,410 |
Performing/Accruing TDR - Consumer Bankruptcy [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 3,592 | 4,103 |
Performing/Accruing TDR - Other Consumer [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 3,621 | 3,663 |
TDR Non-accrual loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | $ 7,938 | $ 9,759 |
Loans And Allowance For Loan_16
Loans And Allowance For Loan Losses (Outstanding Balance Of Loans Classified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | $ 79,450 | $ 75,839 |
Balance 90 days past due at any time during previous 12 months | 1,417 | |
Commercial Portfolio Segment [Member] | Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | 37,055 | |
Balance 90 days past due at any time during previous 12 months | 0 | |
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | 44 | |
Balance 90 days past due at any time during previous 12 months | 0 | |
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | 25,933 | |
Balance 90 days past due at any time during previous 12 months | 0 | |
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | 3,915 | |
Balance 90 days past due at any time during previous 12 months | 347 | |
Personal Banking Portfolio Segment [Member] | Consumer [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | 4,421 | |
Balance 90 days past due at any time during previous 12 months | 83 | |
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | 35 | |
Balance 90 days past due at any time during previous 12 months | 0 | |
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Restructured loans | 8,047 | |
Balance 90 days past due at any time during previous 12 months | $ 987 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Investments_In_Single_Issuer | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Investment [Line Items] | ||||
Percentage decrease requiring a review for impairment | 20.00% | |||
Fair value of securities on other-than-temporary impairment watch list | $ 51,600,000 | $ 57,700,000 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 13,275,000 | 14,092,000 | $ 14,199,000 | $ 14,080,000 |
Portfolio securities aggregate fair value loss position | 1,654,114,000 | 5,435,496,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 12,864,000 | 99,824,000 | ||
Available for sale securities in loss position at period end, change in unrealized loss | (87,000,000) | |||
Securities pledged as collateral | 4,300,000,000 | $ 4,300,000,000 | ||
Securities pledged and may be sold or re-pledged | $ 204,900,000 | |||
Number of investments in a single issuer that exceed 10% of stockholder's equity | Investments_In_Single_Issuer | 0 | |||
No investment in a single issuer exceeds this percentage of stockholder's equity | 10.00% | |||
Visa Class B Shares [Member] | ||||
Investment [Line Items] | ||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 0 | |||
US Treasury and Government [Member] | ||||
Investment [Line Items] | ||||
U.S. Treasury inflation-protected securities held | 461,800,000 | |||
Portfolio securities aggregate fair value loss position | 57,192,000 | 434,427,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 42,000 | 11,379,000 | ||
State and Municipal Obligations [Member] | ||||
Investment [Line Items] | ||||
Auction rate securities held at fair value | 9,900,000 | |||
Portfolio securities aggregate fair value loss position | 8,254,000 | 414,889,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 32,000 | 5,030,000 | ||
Non-agency mortgage-backed securities [Member] | ||||
Investment [Line Items] | ||||
Par value securities with other-than-temporary impairment | 17,500,000 | |||
Fair Value Securities with Other-Than-Temporary Impairment | 13,100,000 | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 13,300,000 | |||
Portfolio securities aggregate fair value loss position | 292,678,000 | 865,191,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 705,000 | $ 12,779,000 |
Investment Securities (Investme
Investment Securities (Investment Securities, At Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Available-for-sale | $ 8,571,626 | $ 8,538,041 |
Trading securities | 28,161 | 27,059 |
Equity securities with readily determinable fair values | 2,929 | 2,585 |
Equtiy Securities without Readily Determinable Fair Values | 1,280 | 1,824 |
Federal Reserve Bank Stock | 33,770 | 33,498 |
Federal Home Loan Bank Stock | 10,000 | 10,000 |
Private Equity Investments | 94,122 | 85,659 |
Total investment securities | $ 8,741,888 | $ 8,698,666 |
Investment Securities (Summary
Investment Securities (Summary Of Available For Sale Investment Securities By Maturity Groupings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 8,435,531 | $ 8,602,599 | |
Debt Securities, Available-for-sale, Fair Value | 8,571,626 | 8,538,041 | |
U.S. Government And Federal Agency Obligations [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 827,861 | 914,486 | |
Debt Securities, Available-for-sale, Fair Value | $ 851,776 | 907,652 | |
Weighted Average Yield | [1] | 1.54% | |
U.S. Government And Federal Agency Obligations [Member] | Maturity Within 1 Year [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 57,234 | ||
Debt Securities, Available-for-sale, Fair Value | $ 57,192 | ||
Weighted Average Yield | [1] | (0.01%) | |
U.S. Government And Federal Agency Obligations [Member] | Maturity After 1 But Within 5 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 518,035 | ||
Debt Securities, Available-for-sale, Fair Value | $ 533,805 | ||
Weighted Average Yield | [1] | 2.17% | |
U.S. Government And Federal Agency Obligations [Member] | Maturity After 5 But Within 10 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 252,592 | ||
Debt Securities, Available-for-sale, Fair Value | $ 260,779 | ||
Weighted Average Yield | [1] | 0.59% | |
US Government-sponsored Enterprise Debt Securities [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 138,734 | 199,470 | |
Debt Securities, Available-for-sale, Fair Value | $ 139,277 | 195,778 | |
Weighted Average Yield | 2.26% | ||
US Government-sponsored Enterprise Debt Securities [Member] | Maturity Within 1 Year [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 81,616 | ||
Debt Securities, Available-for-sale, Fair Value | $ 81,830 | ||
Weighted Average Yield | 1.99% | ||
US Government-sponsored Enterprise Debt Securities [Member] | Maturity After 10 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 57,118 | ||
Debt Securities, Available-for-sale, Fair Value | $ 57,447 | ||
Weighted Average Yield | 2.65% | ||
State and municipal obligations [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,225,532 | 1,322,785 | |
Debt Securities, Available-for-sale, Fair Value | $ 1,267,927 | 1,328,039 | |
Weighted Average Yield | 2.49% | ||
State and municipal obligations [Member] | Maturity Within 1 Year [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 51,230 | ||
Debt Securities, Available-for-sale, Fair Value | $ 51,540 | ||
Weighted Average Yield | 2.55% | ||
State and municipal obligations [Member] | Maturity After 1 But Within 5 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 740,283 | ||
Debt Securities, Available-for-sale, Fair Value | $ 763,396 | ||
Weighted Average Yield | 2.42% | ||
State and municipal obligations [Member] | Maturity After 5 But Within 10 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 377,009 | ||
Debt Securities, Available-for-sale, Fair Value | $ 395,014 | ||
Weighted Average Yield | 2.56% | ||
State and municipal obligations [Member] | Maturity After 10 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 57,010 | ||
Debt Securities, Available-for-sale, Fair Value | $ 57,977 | ||
Weighted Average Yield | 2.92% | ||
Agency mortgage-backed securities [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 3,893,247 | 3,253,433 | |
Debt Securities, Available-for-sale, Fair Value | $ 3,937,964 | 3,214,985 | |
Weighted Average Yield | 2.87% | ||
Non-agency mortgage-backed securities [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 796,451 | 1,053,854 | |
Debt Securities, Available-for-sale, Fair Value | $ 809,782 | 1,047,716 | |
Weighted Average Yield | 2.98% | ||
Asset-backed Securities [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,228,151 | 1,518,976 | |
Debt Securities, Available-for-sale, Fair Value | $ 1,233,489 | 1,511,614 | |
Weighted Average Yield | 2.61% | ||
Total mortgage and asset-backed securities [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 5,917,849 | 5,826,263 | |
Debt Securities, Available-for-sale, Fair Value | $ 5,981,235 | 5,774,315 | |
Weighted Average Yield | 2.83% | ||
Other Debt Securities [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 325,555 | 339,595 | |
Debt Securities, Available-for-sale, Fair Value | 331,411 | $ 332,257 | |
Other Debt Securities [Member] | Maturity Within 1 Year [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 51,998 | ||
Debt Securities, Available-for-sale, Fair Value | 52,180 | ||
Other Debt Securities [Member] | Maturity After 1 But Within 5 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 218,950 | ||
Debt Securities, Available-for-sale, Fair Value | 222,770 | ||
Other Debt Securities [Member] | Maturity After 5 But Within 10 Years [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 54,607 | ||
Debt Securities, Available-for-sale, Fair Value | $ 56,461 | ||
[1] | Rate does not reflect inflation adjustment on inflation-protected securities |
Investment Securities (Availabl
Investment Securities (Available For Sale Securities Unrealized Gains And Losses, By Security Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 8,435,531 | $ 8,602,599 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 148,959 | 35,266 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (12,864) | (99,824) |
Debt Securities, Available-for-sale, Fair Value | 8,571,626 | 8,538,041 |
U.S. Government And Federal Agency Obligations [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 827,861 | 914,486 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 23,957 | 4,545 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (42) | (11,379) |
Debt Securities, Available-for-sale, Fair Value | 851,776 | 907,652 |
US Government-sponsored Enterprise Debt Securities [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 138,734 | 199,470 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 730 | 55 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (187) | (3,747) |
Debt Securities, Available-for-sale, Fair Value | 139,277 | 195,778 |
State and municipal obligations [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,225,532 | 1,322,785 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 42,427 | 10,284 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (32) | (5,030) |
Debt Securities, Available-for-sale, Fair Value | 1,267,927 | 1,328,039 |
Agency mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 3,893,247 | 3,253,433 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 50,890 | 9,820 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (6,173) | (48,268) |
Debt Securities, Available-for-sale, Fair Value | 3,937,964 | 3,214,985 |
Non-agency mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 796,451 | 1,053,854 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 14,036 | 6,641 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (705) | (12,779) |
Debt Securities, Available-for-sale, Fair Value | 809,782 | 1,047,716 |
Asset-backed Securities [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,228,151 | 1,518,976 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 11,056 | 3,849 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (5,718) | (11,211) |
Debt Securities, Available-for-sale, Fair Value | 1,233,489 | 1,511,614 |
Total mortgage and asset-backed securities [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 5,917,849 | 5,826,263 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 75,982 | 20,310 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (12,596) | (72,258) |
Debt Securities, Available-for-sale, Fair Value | 5,981,235 | 5,774,315 |
Other Debt Securities [Member] | ||
Investment [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 325,555 | 339,595 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 5,863 | 72 |
Available For Sale Securities, Gross Unrealized Loss at Period End | (7) | (7,410) |
Debt Securities, Available-for-sale, Fair Value | $ 331,411 | $ 332,257 |
Investment Securities (Cash Flo
Investment Securities (Cash Flow Model Inputs Used To Calculate Credit Losses) (Details) | Dec. 31, 2019 |
Minimum [Member] | |
Investment [Line Items] | |
Prepayment CPR | 0.00% |
Projected cumulative default | 9.00% |
Credit support | 0.00% |
Loss severity | 8.00% |
Maximum [Member] | |
Investment [Line Items] | |
Prepayment CPR | 25.00% |
Projected cumulative default | 52.00% |
Credit support | 20.00% |
Loss severity | 63.00% |
Investment Securities (Changes
Investment Securities (Changes In Recorded Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 13,275 | $ 14,092 | $ 14,199 | $ 14,080 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 48 | 58 | 111 | |
Credit losses on debt securities for which impairment was previously recognized | 85 | 10 | 274 | |
Increase in expected cash flows that are recognized over the remaining life of the security | $ (950) | $ (175) | $ (266) |
Investment Securities (Securiti
Investment Securities (Securities With Unrealized Losses And Length Of Impairment Period) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Less than 12 months, Fair Value | $ 1,136,297 | $ 1,213,809 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9,413 | 11,098 |
12 months or longer, Fair Value | 517,817 | 4,221,687 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,451 | 88,726 |
Total, Fair Value | 1,654,114 | 5,435,496 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 12,864 | 99,824 |
US Treasury and Government [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 31,787 | 317,699 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 21 | 6,515 |
12 months or longer, Fair Value | 25,405 | 116,728 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 21 | 4,864 |
Total, Fair Value | 57,192 | 434,427 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 42 | 11,379 |
US Government-sponsored Enterprise Debt Securities [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 6,155 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 187 | 0 |
12 months or longer, Fair Value | 0 | 188,846 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 3,747 |
Total, Fair Value | 6,155 | 188,846 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 187 | 3,747 |
State and municipal obligations [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 6,700 | 157,838 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 31 | 704 |
12 months or longer, Fair Value | 1,554 | 257,051 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 4,326 |
Total, Fair Value | 8,254 | 414,889 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 32 | 5,030 |
Agency mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 652,352 | 330,933 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5,306 | 1,502 |
12 months or longer, Fair Value | 147,653 | 1,927,268 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 867 | 46,766 |
Total, Fair Value | 800,005 | 2,258,201 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6,173 | 48,268 |
Non-agency mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 102,931 | 207,506 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 254 | 1,085 |
12 months or longer, Fair Value | 189,747 | 657,685 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 451 | 11,694 |
Total, Fair Value | 292,678 | 865,191 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 705 | 12,779 |
Asset-backed Securities [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 330,876 | 147,997 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,610 | 728 |
12 months or longer, Fair Value | 152,461 | 813,427 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,108 | 10,483 |
Total, Fair Value | 483,337 | 961,424 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5,718 | 11,211 |
Total mortgage and asset-backed securities [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 1,086,159 | 686,436 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9,170 | 3,315 |
12 months or longer, Fair Value | 489,861 | 3,398,380 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,426 | 68,943 |
Total, Fair Value | 1,576,020 | 4,084,816 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 12,596 | 72,258 |
Other debt securities [Member] | ||
Investment [Line Items] | ||
Less than 12 months, Fair Value | 5,496 | 51,836 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 564 |
12 months or longer, Fair Value | 997 | 260,682 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | 6,846 |
Total, Fair Value | 6,493 | 312,518 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 7 | $ 7,410 |
Investment Securities (Proceeds
Investment Securities (Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Investment [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | $ 402,103 | $ 667,227 | $ 779,793 | |
Proceeds from sale of equity securities | 3,856 | 41,637 | 10,953 | |
Proceeds from sales of other securities | 7,244 | 0 | 1,634 | |
Total proceeds | [1] | 413,203 | 708,864 | 792,380 |
Investment securities gains (losses), net | [1] | 3,626 | (488) | 25,051 |
Available-for-sale Securities [Member] | ||||
Investment [Line Items] | ||||
Loss Realized on Called Bond | 0 | 0 | (254) | |
Gains realized on sales | 2,354 | 448 | 592 | |
Loss realized on sales | (2,568) | (10,101) | (10,287) | |
Other-than-temporary impairment recognized on debt securities | (133) | (68) | (385) | |
Equity securities [Member] | ||||
Investment [Line Items] | ||||
Gain realized on donation | 0 | 0 | 31,074 | |
Gains realized on sales | 3,262 | 1,759 | 10,653 | |
Loss realized on sales | 0 | (8,917) | (10) | |
Equity Securities, Fair value adjustments, net | 344 | 2,542 | 0 | |
Other Investments [Member] | ||||
Investment [Line Items] | ||||
Gains realized on sales | 1,094 | 0 | 381 | |
Other securities, loss realized on sales | 0 | 0 | (880) | |
Fair value adjustments, net | $ (727) | $ 13,849 | $ (5,833) | |
[1] | Available for sale debt securities, equity securities, and other securities. |
Premises and Equipment schedule
Premises and Equipment schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Gross land, buildings and equipment | $ 923,097 | $ 863,779 | |
Less accumulated depreciation and amortization | 552,460 | 530,660 | |
Net land, buildings and equipment | 370,637 | 333,119 | |
Depreciation expense | 30,800 | 28,600 | $ 29,100 |
Repairs and maintenance expense | 17,000 | 16,900 | 16,400 |
Interest Expense Capitalized on Construction Projects | 0 | 0 | $ 0 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross land, buildings and equipment | 91,678 | 91,603 | |
Building and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross land, buildings and equipment | 566,177 | 545,510 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross land, buildings and equipment | 237,047 | 226,666 | |
Right of use leased assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross land, buildings and equipment | $ 28,195 | $ 0 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Recognized temporary impairment | (327) | 0 | |
Aggregate amortization expense for intangible assets | 1,500 | 1,300 | $ 1,300 |
Mortgage Servicing Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Recognized temporary impairment | (327) | 0 | |
Aggregate amortization expense for intangible assets | $ (1,005) | $ (617) |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Estimable Useful Lives) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 44,212 | $ 41,609 |
Accumulated Amortization | (34,351) | (32,815) |
Valuation allowance | (327) | 0 |
Net Amount | 9,534 | 8,794 |
Core Deposit Premium [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 31,270 | 31,270 |
Accumulated Amortization | (29,485) | (28,954) |
Valuation allowance | 0 | 0 |
Net Amount | 1,785 | 2,316 |
Mortgage Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,942 | 10,339 |
Accumulated Amortization | (4,866) | (3,861) |
Valuation allowance | (327) | 0 |
Net Amount | $ 7,749 | $ 6,478 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Goodwill Allocated By Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 138,921 | $ 138,921 |
Consumer Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 70,721 | 70,721 |
Commercial Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 67,454 | 67,454 |
Wealth Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 746 | $ 746 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Amortization | $ 1,500 | $ 1,300 | $ 1,300 |
Goodwill [Member] | |||
Goodwill [Roll Forward] | |||
Balance, beginning | 138,921 | 138,921 | |
Originations | 0 | 0 | |
Amortization | 0 | 0 | |
Impairment reversal | 0 | 0 | |
Balance, ending | 138,921 | 138,921 | 138,921 |
Core Deposit Premium [Member] | |||
Goodwill [Roll Forward] | |||
Balance, beginning | 2,316 | 2,965 | |
Originations | 0 | 0 | |
Amortization | (531) | (649) | |
Impairment reversal | 0 | 0 | |
Balance, ending | 1,785 | 2,316 | 2,965 |
Mortgage Servicing Rights [Member] | |||
Goodwill [Roll Forward] | |||
Balance, beginning | 6,478 | 4,653 | |
Originations | 2,603 | 2,433 | |
Amortization | (1,005) | (617) | |
Impairment reversal | (327) | 9 | |
Balance, ending | $ 7,749 | $ 6,478 | $ 4,653 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 1,507 |
2021 | 1,286 |
2022 | 1,099 |
2023 | 919 |
2024 | $ 770 |
Leases (Narrative - Lessee) (De
Leases (Narrative - Lessee) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 26,300 | ||
Operating Lease, Liability | 27,024 | ||
Lease, Cost | $ 7,300 | ||
Operating Leases, Rent Expense, Net | $ 7,700 | $ 7,300 | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 1 month | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 34 years |
Leases (Schedule of Maturity of
Leases (Schedule of Maturity of Operating Lease Liabilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, 2020 | $ 5,913 |
Lessee, Operating Lease, Liability, Payments, 2021 | 5,001 |
Lessee, Operating Lease, Liability, Payments, 2022 | 4,304 |
Lessee, Operating Lease, Liability, Payments, 2023 | 3,802 |
Lessee, Operating Lease, Liability, Payments, 2024 | 2,530 |
Lessee, Operating Lease, Liability, Payments, Due after 2024 | 12,600 |
Lessee, Operating Lease, Liability, Payments, Total | 34,150 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 7,126 |
Operating Lease, Liability | 27,024 |
Legally binding minimum lease payments for operating leases signed but not yet commenced | $ 6,500 |
Leases (Schedule of Operating L
Leases (Schedule of Operating Lease Term and Discount Rate) (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 11 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.67% |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Cash Flow Information Related to Operating Leases) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 5,989 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 3,958 |
Leases (Summary of Minimum Leas
Leases (Summary of Minimum Lease Commitments Under ASC 840) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, 2019 | $ 5,763 |
Operating Leases, Future Minimum Payments, 2020 | 4,817 |
Operating Leases, Future Minimum Payments, 2021 | 4,055 |
Operating Leases, Future Minimum Payments, 2022 | 3,598 |
Operating Leases, Future Minimum Payments, 2023 | 3,273 |
Operating Leases, Future Minimum Payments, After 2023 | 15,161 |
Operating Leases, Future Minimum Payments Due | $ 36,667 |
Leases (Narrative - Lessor) (De
Leases (Narrative - Lessor) (Details) | Dec. 31, 2019 |
Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Renewal Term | 1 month |
Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Renewal Term | 8 years |
Leases (Components of Lease Inc
Leases (Components of Lease Income) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Lease Income [Line Items] | |
Sales-type and Direct Financing Leases, Lease Income | $ 24,062 |
Operating Lease, Lease Income | 7,951 |
Lease Income | 32,013 |
Operating Lease Income from Related Party [Member] | |
Operating Lease Income [Line Items] | |
Operating Lease, Lease Income | $ 75 |
Leases (Net Investment in Sales
Leases (Net Investment in Sales-type and Direct Financing Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable | $ 738,809 | |
Sales-type and Direct Financing Leases, Unguaranteed Residual Asset | 53,408 | |
Net Investment in Lease | 792,217 | |
Deferred Costs, Leasing, Net | 3,609 | |
Net Investment in Direct Financing and Sales Type Leases | $ 795,826 | $ 752,200 |
Leases (Schedule of Maturity _2
Leases (Schedule of Maturity of Lease Receivables) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, 2020 | $ 224,297 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, 2021 | 177,143 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, 2022 | 136,787 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, 2023 | 92,813 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, 2024 | 58,773 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, After 2024 | 114,188 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 804,001 |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 65,192 |
Sales-type and Direct Financing Leases, Lease Receivable | 738,809 |
Lessor, Operating Lease, Payments to be Received, 2020 | 7,564 |
Lessor, Operating Lease, Payments to be Received, 2021 | 7,511 |
Lessor, Operating Lease, Payments to be Received, 2022 | 13,816 |
Lessor, Operating Lease, Payments to be Received, 2023 | 5,536 |
Lessor, Operating Lease, Payments to be Received, 2024 | 4,811 |
Lessor, Operating Lease, Payments to be Received, After 2024 | 8,643 |
Lessor, Operating Lease, Payments to be Received | 47,881 |
Lessor, Total Payments to be Received, 2020 | 231,861 |
Lessor, Total Payments to be Received, 2021 | 184,654 |
Lessor, Total Payments to be Received, 2022 | 150,603 |
Lessor, Total Payments to be Received, 2023 | 98,349 |
Lessor, Total Payments to be Received, 2024 | 63,584 |
Lessor, Total Payments to be Received, After 2024 | 122,831 |
Lessor, Total Payments to be Received | $ 851,882 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Total Time Open And Certificates Of Deposit) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Deposits [Abstract] | |
Due in 2020 | $ 1,727,042 |
Due in 2021 | 229,487 |
Due in 2022 | 27,205 |
Due in 2023 | 14,387 |
Due in 2024 | 9,838 |
Thereafter | 53 |
Total | $ 2,008,012 |
Deposits (Maturities Of Time Op
Deposits (Maturities Of Time Open And Certificates Of Deposit Detailed Breakdown By Size Category) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Deposits [Abstract] | |
Certificates Of Deposit under $100,000, Due in 3 months or less | $ 117,635 |
Certificates Of Deposit under $100,000, Due in over 3 through 6 months | 144,309 |
Certificates Of Deposit under $100,000, Due in over 6 through 12 months | 223,756 |
Certificates Of Deposit under $100,000, Due in over 12 months | 140,457 |
Certificates Of Deposit under $100,000 | 626,157 |
Certificates Of Deposit over $100,000, Due in 3 months or less | 632,064 |
Certificates Of Deposit over $100,000, Due in over 3 through 6 months | 286,240 |
Certificates Of Deposit over $100,000, Due in over 6 through 12 months | 323,038 |
Certificates Of Deposit over $100,000, Due in over 12 months | 140,513 |
Certificates Of Deposit over $100,000 | 1,381,855 |
Due in 3 months or less, Total | 749,699 |
Due in over 3 through 6 months, Total | 430,549 |
Due in over 6 through 12 months, Total | 546,794 |
Due in over 12 months, Total | 280,970 |
Total | 2,008,012 |
Aggregate amount of time open and certificates of deposit that exceed the $250,000 FDIC insurance limit | $ 1,100,000 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
Short-term repurchase agreement comprised of non-insured customer funds | $ 1,800 |
FHLB issued letters of credit | $ 396.6 |
Borrowings (Short-Term Borrowin
Borrowings (Short-Term Borrowings) (Details) - Federal Funds Purchased And Repurchase Agreements [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Year End Weighted Rate | 0.80% | 0.90% | 0.80% |
Average Weighted Rate | 1.60% | 1.30% | 0.70% |
Average Balance Outstanding | $ 1,822,098 | $ 1,514,144 | $ 1,462,387 |
Maximum Outstanding at any Month End | 2,394,294 | 1,981,761 | 1,984,071 |
Balance at December 31 | $ 1,850,772 | $ 1,956,389 | $ 1,507,138 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
Unrecognized Tax Benefits | $ 1,372 | $ 1,257 | $ 1,208 |
Unrecognized tax benefits impact the effective tax rate | $ 1,100 | $ 993 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal, Current | $ 82,556 | $ 90,390 | $ 89,154 |
State and local, Current | 12,323 | 10,223 | 7,735 |
Current, income tax expense (benefit) | 94,879 | 100,613 | 96,889 |
U.S. federal, Deferred | 11,388 | 3,220 | 12,190 |
State and local, Deferred | 2,807 | 2,116 | 1,427 |
Deferred, income tax expense (benefit) | 14,195 | 5,336 | 13,617 |
U.S. federal, Total | 93,944 | 93,610 | 101,344 |
State and local, Total | 15,130 | 12,339 | 9,162 |
Total income tax expense | $ 109,074 | $ 105,949 | $ 110,506 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Tax Expense Recorded Directly To Stockholders Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrealized gain (loss) on securities available for sale | $ 50,163 | $ (18,634) | $ 2,104 |
Components of income Tax Recorded Directly to Equity, Change in Fair Value of Cash Flow Hedge | 7,818 | 2,286 | 0 |
Accumulated pension (benefit) loss | 389 | 222 | (184) |
Income tax expense (benefit) allocated to stockholders’ equity | $ 58,370 | $ (16,126) | $ 1,920 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Loans, principally due to allowance for loan losses | $ 39,130 | $ 39,169 |
Unrealized losses on available-for-sale securities | 0 | 16,140 |
Equity-based compensation | 7,554 | 7,609 |
Deferred compensation | 6,662 | 5,911 |
Unearned fee income | 5,053 | 4,125 |
Accrued expenses | 4,270 | 2,152 |
Deferred tax assets, Other | 4,057 | 4,640 |
Total deferred tax assets | 66,726 | 79,746 |
Equipment lease financing | 68,814 | 55,738 |
Unrealized gain on securities available for sale | 34,024 | 0 |
Land, buildings and equipment | 17,202 | 14,207 |
Cash flow hedges | 9,015 | 2,104 |
Intangibles | 6,491 | 5,973 |
Deferred tax liabilities, Other | 7,331 | 5,309 |
Total deferred tax liabilities | 142,877 | 83,331 |
Net deferred tax assets (liabilities) | $ (76,151) | $ (3,585) |
Income Taxes (Schedule Of Compa
Income Taxes (Schedule Of Company's Actual Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Computed “expected” tax expense | $ 111,364 | $ 113,293 | $ 150,461 |
Tax-exempt interest, net of cost to carry | (10,973) | (11,502) | (20,295) |
Effective Income Tax Rate Reconciliation, Contribution of Appreciated Securities, Amount | 0 | 0 | (10,864) |
State and local income taxes, net of federal tax benefit | 11,953 | 9,748 | 5,955 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 0 | (6,753) |
Effective Income Tax Rate Reconciliation, Share-based Award Payments, Amount | (3,337) | (3,928) | (6,613) |
Other | 67 | (1,662) | (1,385) |
Total income tax expense | $ 109,074 | $ 105,949 | $ 110,506 |
Income Taxes (Schedule Of Accru
Income Taxes (Schedule Of Accrued Liability For Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Unrecognized tax benefits at beginning of year | $ 1,257 | $ 1,208 |
Gross increases – tax positions in prior period | 18 | 31 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (4) | 0 |
Gross increases – current-period tax positions | 361 | 322 |
Lapse of statute of limitations | (260) | (304) |
Unrecognized tax benefits at end of year | $ 1,372 | $ 1,257 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, discretionary contribution by employer | $ 0 | $ 0 | $ 5,500,000 |
Minimum Required Contribution, Next Fiscal Year | 0 | ||
Contributions to the CERP | 25,000 | 24,000 | $ 439,000 |
Accumulated benefit obligation | 120,600,000 | $ 112,100,000 | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 1,900,000 | ||
Expected long-term rate of return on pension plan assets | 5.00% | 5.00% | 6.00% |
Annualized 10-year return for pension plan | 7.30% | ||
Rate of return | 14.80% | (1.70%) | |
Expected pension expense for the upcoming fiscal year | $ 402,000 | ||
Pension expense | $ 2,000,000 | ||
Equity securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Long-term investment target mix | 35.00% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Long-term investment target mix | 65.00% | ||
Change due to updated mortality projection scale [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension plan obligations due to change in mortality assumptions | $ (1,100,000) |
Employee Benefit Plans (Employe
Employee Benefit Plans (Employee Benefits Charged To Operating Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total employee benefits | $ 76,058 | $ 71,297 | $ 67,376 |
Payroll Taxes [Member] | |||
Total employee benefits | 26,959 | 25,712 | 24,402 |
Medical Plans [Member] | |||
Total employee benefits | 29,635 | 27,030 | 25,143 |
401K Plan [Member] | |||
Total employee benefits | 15,810 | 14,986 | 14,244 |
Pension Plans [Member] | |||
Total employee benefits | 605 | 651 | 704 |
Other [Member] | |||
Total employee benefits | $ 3,049 | $ 2,918 | $ 2,883 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of The Net Pension Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |||
Service cost-benefits earned during the year | $ 607 | $ 651 | $ 621 |
Interest cost on projected benefit obligation | 4,198 | 3,756 | 3,826 |
Expected return on plan assets | (4,842) | (5,255) | (5,785) |
Amortization of prior service cost | (271) | (271) | (271) |
Amortization of unrecognized net loss | 2,288 | 2,267 | 2,313 |
Net periodic pension cost | $ 1,980 | $ 1,148 | $ 704 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Pension Plans Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at prior valuation date | $ 112,063 | $ 120,667 | |
Service cost | 607 | 651 | $ 621 |
Interest cost | 4,198 | 3,756 | 3,826 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (7,016) | (6,622) | |
Actuarial (gain) loss | 10,750 | (6,389) | |
Projected benefit obligation at valuation date | 120,602 | 112,063 | 120,667 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at prior valuation date | 99,418 | 108,260 | |
Actual return on plan assets | 15,129 | (2,244) | |
Employer contributions | 25 | 24 | |
Benefits paid | (7,016) | (6,622) | |
Fair value of plan assets at valuation date | 107,556 | 99,418 | $ 108,260 |
Funded status and net amount recognized at valuation date | $ (13,046) | $ (12,645) |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |||
Prior service (credit) cost | $ 1,265 | $ 1,535 | |
Accumulated loss | (30,516) | (32,342) | |
Accumulated other comprehensive loss | (29,251) | (30,807) | |
Cumulative employer contributions in excess of net periodic benefit cost | 16,205 | 18,162 | |
Net amount recognized as an accrued benefit liability on the December 31 balance sheet | (13,046) | (12,645) | |
Net loss arising during period | (461) | (1,110) | |
Amortization of net loss | 2,288 | 2,267 | $ 2,313 |
Amortization of prior service cost | (271) | (271) | $ (271) |
Total recognized in other comprehensive income | 1,556 | 886 | |
Total expense recognized in net periodic pension cost and other comprehensive income | $ (424) | $ (262) |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions On A Weighted Average Basis, Used In Accounting For Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2019Rate | Dec. 31, 2018Rate | Dec. 31, 2017Rate | |
Defined Benefit Plan [Abstract] | |||
Determination of benefit obligation at year end, Discount rate | 3.07% | 4.14% | 3.57% |
Determination of benefit obligation at year end, Assumed credit on cash balance accounts | 5.00% | 5.00% | 5.00% |
Determination of net periodic benefit cost for year ended, Discount rate | 4.13% | 3.57% | 3.95% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Effective Rate of Interest | 3.81% | 3.28% | 3.28% |
Determination of net periodic benefit cost for year ended, Long-term rate of return on assets | 5.00% | 5.00% | 6.00% |
Determination of net periodic benefit cost for year ended, Assumed credit on cash balance accounts | 5.00% | 5.00% | 5.00% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Of Pension Plan Assets By Asset Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. government obligations | $ 851,776 | $ 907,652 | |
Government-sponsored enterprise obligations | 139,277 | 195,778 | |
State and municipal obligations | 1,267,927 | 1,328,039 | |
Agency mortgage-backed securities | 3,937,964 | 3,214,985 | |
Non-agency mortgage-backed securities | 809,782 | 1,047,716 | |
Asset-backed securities | 1,233,489 | 1,511,614 | |
Pension Plans [Member] | |||
U.S. government obligations | 4,746 | 2,994 | |
Government-sponsored enterprise obligations | [1] | 1,302 | 1,200 |
State and municipal obligations | 8,612 | 8,299 | |
Agency mortgage-backed securities | [2] | 8,892 | 8,209 |
Non-agency mortgage-backed securities | 3,919 | 4,398 | |
Asset-backed securities | 5,093 | 3,520 | |
Corporate bonds | [3] | 39,663 | 37,207 |
Mutual funds | [4] | 6,315 | 8,645 |
Common stocks | [4] | 22,552 | 18,173 |
International developed markets | [4] | 4,674 | 5,046 |
Emerging markets | [4] | 1,788 | 1,727 |
Total | 107,556 | 99,418 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
U.S. government obligations | 851,776 | 907,652 | |
Government-sponsored enterprise obligations | 0 | 0 | |
State and municipal obligations | 0 | 0 | |
Agency mortgage-backed securities | 0 | 0 | |
Non-agency mortgage-backed securities | 0 | 0 | |
Asset-backed securities | 0 | 0 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Pension Plans [Member] | |||
U.S. government obligations | 4,746 | 2,994 | |
Government-sponsored enterprise obligations | [1] | 0 | 0 |
State and municipal obligations | 0 | 0 | |
Agency mortgage-backed securities | [2] | 0 | 0 |
Non-agency mortgage-backed securities | 0 | 0 | |
Asset-backed securities | 0 | 0 | |
Corporate bonds | [3] | 0 | 0 |
Mutual funds | [4] | 6,315 | 8,645 |
Common stocks | [4] | 22,552 | 18,173 |
International developed markets | [4] | 4,674 | 5,046 |
Emerging markets | [4] | 1,788 | 1,727 |
Total | 40,075 | 36,585 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
U.S. government obligations | 0 | 0 | |
Government-sponsored enterprise obligations | 139,277 | 195,778 | |
State and municipal obligations | 1,258,074 | 1,313,881 | |
Agency mortgage-backed securities | 3,937,964 | 3,214,985 | |
Non-agency mortgage-backed securities | 809,782 | 1,047,716 | |
Asset-backed securities | 1,233,489 | 1,511,614 | |
Significant Other Observable Inputs (Level 2) [Member] | Pension Plans [Member] | |||
U.S. government obligations | 0 | 0 | |
Government-sponsored enterprise obligations | [1] | 1,302 | 1,200 |
State and municipal obligations | 8,612 | 8,299 | |
Agency mortgage-backed securities | [2] | 8,892 | 8,209 |
Non-agency mortgage-backed securities | 3,919 | 4,398 | |
Asset-backed securities | 5,093 | 3,520 | |
Corporate bonds | [3] | 39,663 | 37,207 |
Mutual funds | [4] | 0 | 0 |
Common stocks | [4] | 0 | 0 |
International developed markets | [4] | 0 | 0 |
Emerging markets | [4] | 0 | 0 |
Total | 67,481 | 62,833 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
U.S. government obligations | 0 | 0 | |
Government-sponsored enterprise obligations | 0 | 0 | |
State and municipal obligations | 9,853 | 14,158 | |
Agency mortgage-backed securities | 0 | 0 | |
Non-agency mortgage-backed securities | 0 | 0 | |
Asset-backed securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Pension Plans [Member] | |||
U.S. government obligations | 0 | 0 | |
Government-sponsored enterprise obligations | [1] | 0 | 0 |
State and municipal obligations | 0 | 0 | |
Agency mortgage-backed securities | [2] | 0 | 0 |
Non-agency mortgage-backed securities | 0 | 0 | |
Asset-backed securities | 0 | 0 | |
Corporate bonds | [3] | 0 | 0 |
Mutual funds | [4] | 0 | 0 |
Common stocks | [4] | 0 | 0 |
International developed markets | [4] | 0 | 0 |
Emerging markets | [4] | 0 | 0 |
Total | $ 0 | $ 0 | |
[1] | This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association. | ||
[2] | This category represents mortgage-backed securities issued by the agencies mentioned in (a). | ||
[3] | This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries. | ||
[4] | This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the financial services, technology services, healthcare, electronic technology, and producer manufacturing industries. |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan [Abstract] | |
2020 | $ 7,281 |
2021 | 7,430 |
2022 | 7,409 |
2023 | 7,467 |
2024 | 7,371 |
2025 - 2029 | $ 35,721 |
Stock-Based Compensation and _3
Stock-Based Compensation and Directors Stock Purchase Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining number of shares available for issuance under the plan | 2,249,326 | ||
Stock-based compensation | $ 13.9 | $ 12.8 | $ 12.1 |
Total tax benefit recognized from compensation arrangements | 3 | 3.2 | 4.5 |
Fair value of shares vested during the period | 19.9 | $ 21.5 | $ 23.8 |
Unrecognized compensation cost related to unvested SAR's and stock awards | $ 27.7 | ||
Compensation cost is expected to be recognized over a weighted average period, years | 3 years | ||
Common stock dividend rate percentage | 5.00% | 5.00% | |
Nonvested Stock Award [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period (in years) | 4 years | ||
Nonvested Stock Award [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period (in years) | 7 years | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period (in years) | 4 years | ||
Contractual terms of awards granted (in years) | 10 years | ||
Directors Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining number of shares available for issuance under the plan | 33,914 | ||
Number of shares purchased under stock option plan | 21,904 | 32,454 | |
Average price of shares purchased under stock option plan | $ 61.14 | $ 54.92 |
Stock-Based Compensation and _4
Stock-Based Compensation and Directors Stock Purchase Plan (Summary Of The Status Of Nonvested Share Awards) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested Share Awards [Roll Forward] | ||
Nonvested, share awards, beginning balance | 1,239,970 | |
Granted, Shares | 217,182 | |
Vested, Shares | (339,618) | |
Forfeited, Shares | (13,323) | |
Nonvested, share awards, ending balance | 1,104,211 | 1,239,970 |
Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | ||
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 47.57 | $ 41.18 |
Granted, Weighted Average Grant Date Fair Value | 58.82 | |
Vested, Weighted Average Grant Date Fair Value | 31.33 | |
Forfeited, Weighted Average Grant Date Fair Value | 47.41 | |
Nonvested , Weighted Average Grant Date Fair Value, Ending Balance | $ 47.57 |
Stock-Based Compensation and _5
Stock-Based Compensation and Directors Stock Purchase Plan (Summary Of SAR Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Stock Appreciation Rights, Shares [Roll Forward] | |
Outstanding, Shares, Beginning Balance | shares | 1,119,405 |
Granted, Shares | shares | 196,129 |
Forfeited, Shares | shares | (5,935) |
Expired, Shares | shares | (1,917) |
Exercised, Shares | shares | (257,866) |
Outstanding, Shares, Ending Balance | shares | 1,049,816 |
Exercisable, Shares, Ending Balance | shares | 557,763 |
Stock Appreciation Rights, Weighted Average Exercise Price [Roll Forward] | |
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 38.30 |
Share based compensation arrangement by share based payment award equity instruments other than options grants in period weighted average exercise price | $ / shares | 58.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares | 49.67 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period Weighted Average Exercise Price | $ / shares | 37 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Weighted Average Exercise Price | $ / shares | 32.30 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | 43.55 |
Exercisable, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 36.16 |
Outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 7 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 25,601 |
Exercisable, Weighted Average Remaining Contractual Term (in years) | 5 years 3 months 18 days |
Exercisable, Aggregate Intrinsic Value, Ending Balance | $ | $ 17,728 |
Stock-Based Compensation and _6
Stock-Based Compensation and Directors Stock Purchase Plan Share Based Compensation Valuation Assumptions [Table] (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.35 | $ 11.28 | $ 10.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.70% | 1.60% | 1.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 19.80% | 20.60% | 21.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.60% | 2.70% | 2.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years 7 months 6 days | 7 years |
Stock-Based Compensation and _7
Stock-Based Compensation and Directors Stock Purchase Plan Stock-Based Compensation and Directors Stock Purchase Plan (Additional Information About Stock Options and SARs Exercises) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Intrinsic value of options and SARs exercised | $ 7,109 | $ 9,632 | $ 9,310 |
Tax benefit realized from options and SARs exercised | $ 1,385 | $ 1,928 | $ 2,698 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income | $ 110,444 | $ (64,669) | $ 14,108 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 227,325 | (66,892) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 6,158 | 2,377 | ||||
Other Comprehensive Income (Loss), before Tax | 233,483 | (64,515) | ||||
Other Comprehensive Income (Loss), Tax | (58,370) | 16,126 | ||||
Other comprehensive income (loss) | 175,113 | (48,389) | 3,133 | |||
Reclassification Where Impairment Was Not Previously Recognized | 0 | 0 | ||||
Unrealized Gain Loss on Securities OTTI [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income | 3,264 | [1] | 3,861 | [1] | 3,411 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (975) | (438) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 133 | 68 | ||||
Other Comprehensive Income (Loss), before Tax | (842) | (370) | ||||
Other Comprehensive Income (Loss), Tax | 210 | 93 | ||||
Other comprehensive income (loss) | (632) | (277) | ||||
Reclassification Where Impairment Was Not Previously Recognized | 35 | 12 | ||||
Unrealized Gain Loss on Securities Other [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income | 98,809 | [1] | (52,278) | [1] | 30,326 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 201,280 | (73,725) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 215 | (447) | ||||
Other Comprehensive Income (Loss), before Tax | 201,495 | (74,172) | ||||
Other Comprehensive Income (Loss), Tax | (50,373) | 18,541 | ||||
Other comprehensive income (loss) | 151,122 | (55,631) | ||||
Reclassification Where Impairment Was Not Previously Recognized | (35) | (12) | ||||
Pension Loss [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income | (21,940) | (23,107) | (19,629) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (461) | (1,110) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,017 | 1,996 | ||||
Other Comprehensive Income (Loss), before Tax | 1,556 | 886 | ||||
Other Comprehensive Income (Loss), Tax | (389) | (222) | ||||
Other comprehensive income (loss) | 1,167 | 664 | ||||
Reclassification Where Impairment Was Not Previously Recognized | 0 | 0 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income | [2] | 30,311 | 6,855 | $ 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [2] | 27,481 | 8,381 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | 3,793 | 760 | |||
Other Comprehensive Income (Loss), before Tax | [2] | 31,274 | 9,141 | |||
Other Comprehensive Income (Loss), Tax | [2] | (7,818) | (2,286) | |||
Other comprehensive income (loss) | [2] | 23,456 | 6,855 | |||
Reclassification Where Impairment Was Not Previously Recognized | [2] | $ 0 | 0 | |||
Accounting Standards Update 2018-02 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 2,932 | |||||
Accounting Standards Update 2018-02 [Member] | Unrealized Gain Loss on Securities OTTI [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 715 | |||||
Accounting Standards Update 2018-02 [Member] | Unrealized Gain Loss on Securities Other [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 6,359 | |||||
Accounting Standards Update 2018-02 [Member] | Pension Loss [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (4,142) | |||||
Accounting Standards Update 2018-02 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | [2] | 0 | ||||
Accounting Standards Update 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (33,320) | |||||
Accounting Standards Update 2016-01 [Member] | Unrealized Gain Loss on Securities OTTI [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||||
Accounting Standards Update 2016-01 [Member] | Unrealized Gain Loss on Securities Other [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (33,320) | |||||
Accounting Standards Update 2016-01 [Member] | Pension Loss [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||||
Accounting Standards Update 2016-01 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | [2] | $ 0 | ||||
[1] | The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income. | |||||
[2] | The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income. |
Segments (Schedule Of Financial
Segments (Schedule Of Financial Information By Segment) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)Operating_Segments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Operating_Segments | 3 | |||
Net interest income | $ 821,293 | $ 823,825 | $ 733,679 | |
Provision for loan losses | (50,438) | (42,694) | (45,244) | |
Non-interest income | 524,703 | 501,341 | 461,263 | |
Investment securities gains (losses), net | [1] | 3,626 | (488) | 25,051 |
Non-interest expense | (767,398) | (737,821) | (744,343) | |
Income before income taxes | 531,786 | 544,163 | 430,406 | |
Consumer Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 315,782 | 294,798 | 276,891 | |
Provision for loan losses | (44,987) | (40,571) | (40,619) | |
Non-interest income | 135,257 | 126,253 | 121,362 | |
Investment securities gains (losses), net | 0 | 0 | 0 | |
Non-interest expense | (297,581) | (286,181) | (274,225) | |
Income before income taxes | 108,471 | 94,299 | 83,409 | |
Commercial Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 342,736 | 344,972 | 329,087 | |
Provision for loan losses | (4,204) | (1,134) | 205 | |
Non-interest income | 203,952 | 202,527 | 184,577 | |
Investment securities gains (losses), net | 0 | 0 | 0 | |
Non-interest expense | (308,686) | (297,847) | (281,845) | |
Income before income taxes | 233,798 | 248,518 | 232,024 | |
Wealth Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 48,058 | 46,946 | 47,264 | |
Provision for loan losses | (174) | 32 | (41) | |
Non-interest income | 183,589 | 173,026 | 158,175 | |
Investment securities gains (losses), net | 0 | 0 | 0 | |
Non-interest expense | (124,123) | (123,568) | (120,461) | |
Income before income taxes | 107,350 | 96,436 | 84,937 | |
Segment Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 706,576 | 686,716 | 653,242 | |
Provision for loan losses | (49,365) | (41,673) | (40,455) | |
Non-interest income | 522,798 | 501,806 | 464,114 | |
Investment securities gains (losses), net | 0 | 0 | 0 | |
Non-interest expense | (730,390) | (707,596) | (676,531) | |
Income before income taxes | 449,619 | 439,253 | 400,370 | |
Other/Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 114,717 | 137,109 | 80,437 | |
Provision for loan losses | (1,073) | (1,021) | (4,789) | |
Non-interest income | 1,905 | (465) | (2,851) | |
Investment securities gains (losses), net | 3,626 | (488) | 25,051 | |
Non-interest expense | (37,008) | (30,225) | (67,812) | |
Income before income taxes | $ 82,167 | $ 104,910 | $ 30,036 | |
[1] | Available for sale debt securities, equity securities, and other securities. |
Segments Segments (Segment Bala
Segments Segments (Segment Balance Sheet Data) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Average Assets | $ 25,213,525 | $ 24,666,235 |
Average Loans, including held for sale | 14,243,214 | 13,945,572 |
Average Goodwill and other intangible assets | 147,910 | 147,108 |
Average Deposits | 19,909,891 | 20,131,252 |
Consumer Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Average Assets | 2,375,326 | 2,481,060 |
Average Loans, including held for sale | 2,239,100 | 2,346,166 |
Average Goodwill and other intangible assets | 79,055 | 78,062 |
Average Deposits | 10,236,257 | 10,210,502 |
Commercial Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Average Assets | 9,486,074 | 9,115,738 |
Average Loans, including held for sale | 9,250,645 | 8,939,696 |
Average Goodwill and other intangible assets | 68,109 | 68,300 |
Average Deposits | 7,848,367 | 8,029,248 |
Wealth Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Average Assets | 1,288,806 | 1,243,806 |
Average Loans, including held for sale | 1,276,839 | 1,233,780 |
Average Goodwill and other intangible assets | 746 | 746 |
Average Deposits | 1,832,418 | 1,871,596 |
Segment Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Average Assets | 13,150,206 | 12,840,604 |
Average Loans, including held for sale | 12,766,584 | 12,519,642 |
Average Goodwill and other intangible assets | 147,910 | 147,108 |
Average Deposits | 19,917,042 | 20,111,346 |
Other/Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Average Assets | 12,063,319 | 11,825,631 |
Average Loans, including held for sale | 1,476,630 | 1,425,930 |
Average Goodwill and other intangible assets | 0 | 0 |
Average Deposits | $ (7,151) | $ 19,906 |
Common and Preferred Stock (Nar
Common and Preferred Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 30, 2019 | Nov. 01, 2019 | Aug. 07, 2019 | Apr. 17, 2019 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
AcceleratedShareRepurchaseProgramRepurchaseAmount | $ 150 | ||||||
SharesReceivedUnderAcceleratedShareRepurchaseProgram | 438,009 | 1,994,327 | |||||
PercentageofTotalSharestobeDelivered | 75.00% | ||||||
Common Stock, Shares Authorized | 140,000,000 | 120,000,000 | 140,000,000 | ||||
Common stock dividend rate percentage | 5.00% | 5.00% | |||||
Common stock, par value | $ 5 | $ 5 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 356,000 | 235,000 | 167,000 | ||||
Shares available for purchase under the current Board authorization | 5,000,000 | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 4,430,958 |
Common and Preferred Stock (Sum
Common and Preferred Stock (Summary Of Components Used To Calculate Basic And Diluted Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to Commerce Bancshares, Inc. | $ 421,231 | $ 433,542 | $ 319,383 |
Preferred Stock Dividends, Income Statement Impact | 9,000 | 9,000 | 9,000 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 412,231 | $ 424,542 | $ 310,383 |
Basic income per common share (in dollars per share) | $ 3.59 | $ 3.61 | $ 2.63 |
Diluted income per common share (in dollars per share) | $ 3.58 | $ 3.60 | $ 2.62 |
Basic Income Per Common Share [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to Commerce Bancshares, Inc. | $ 421,231 | $ 433,542 | $ 319,383 |
Preferred Stock Dividends, Income Statement Impact | 9,000 | 9,000 | 9,000 |
Net Income (Loss) Available to Common Stockholders, Basic | 412,231 | 424,542 | 310,383 |
Less income allocated to nonvested restricted stockholders | 4,019 | 4,558 | 3,848 |
Net income available to common stockholders | $ 408,212 | $ 419,984 | $ 306,535 |
Weighted average common shares outstanding | 113,784 | 116,352 | 116,375 |
Basic income per common share (in dollars per share) | $ 3.59 | $ 3.61 | $ 2.63 |
Diluted Income Per Common Share [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 412,231 | $ 424,542 | $ 310,383 |
Less income allocated to nonvested restricted stockholders | 4,012 | 4,547 | 3,838 |
Net income available to common stockholders | $ 408,219 | $ 419,995 | $ 306,545 |
Weighted average common shares outstanding | 113,784 | 116,352 | 116,375 |
Net effect of the assumed exercise of stock-based awards -- based on the treasury stock method using the average market price for the respective periods | 282 | 361 | 410 |
Weighted average diluted common shares outstanding | 114,066 | 116,713 | 116,785 |
Diluted income per common share (in dollars per share) | $ 3.58 | $ 3.60 | $ 2.62 |
Common and Preferred Stock Comm
Common and Preferred Stock Common and Preferred Stock (Schedule of Activity in the Outstanding Shares of the Company's Common Stock) (Details) - Common Stock [Member] - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Common Stock [Roll Forward] | |||
Shares outstanding, beginning balance | 111,129 | 106,615 | 101,461 |
Awards and sales under employee and director plans | 329 | 416 | 403 |
5% stock dividend | 5,359 | 5,305 | 5,078 |
Other purchases of treasury stock | (4,670) | (1,194) | (315) |
Other | (15) | (13) | (12) |
Shares outstanding, ending balance | 112,132 | 111,129 | 106,615 |
Common and Preferred Stock Pref
Common and Preferred Stock Preferred Stock Issuance (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 19, 2014 |
Preferred Stock Issuance [Abstract] | |||
Depositary shares issued | 6,000,000 | ||
Preferred stock, shares issued | 6,000 | 6,000 | 6,000 |
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Preferred Stock, Liquidation Preference, Value | $ 150 | ||
Preferred Stock, Liquidation Preference Per Share | $ 25 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Schedule Of Capital Amounts And Ratios On Consolidated Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 10.00% | |
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 8.00% | |
Tier I Common Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 6.50% | |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Ratio | 5.00% | |
Commerce Bancshares, Inc. (Consolidated) [Member] | ||
Total Capital (to risk-weighted assets), Actual Amount | $ 3,052,079 | $ 3,022,023 |
Total Capital (to risk-weighted assets), Actual Ratio | 15.48% | 15.82% |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 1,577,105 | $ 1,528,317 |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Tier I Capital (to risk-weighted assets), Actual Amount | $ 2,890,322 | $ 2,861,016 |
Tier I Capital (to risk-weighted assets), Actual Ratio | 14.66% | 14.98% |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 1,182,829 | $ 1,146,238 |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 6.00% | 6.00% |
Tier I Common Capital (to risk-weighted assets), Actual Amount | $ 2,745,538 | $ 2,716,232 |
Tier I Common Capital (to rIsk-weighted assets), Actual Rato | 13.93% | 14.22% |
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 887,122 | $ 859,678 |
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Amount | $ 2,890,322 | $ 2,861,016 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Ratio | 11.38% | 11.52% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Amount | $ 1,015,771 | $ 993,564 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Commerce Bank [Member] | ||
Total Capital (to risk-weighted assets), Actual Amount | $ 2,583,676 | $ 2,655,591 |
Total Capital (to risk-weighted assets), Actual Ratio | 13.19% | 13.98% |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 1,566,866 | $ 1,519,169 |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount | $ 1,958,583 | $ 1,898,962 |
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 10.00% | 10.00% |
Tier I Capital (to risk-weighted assets), Actual Amount | $ 2,421,919 | $ 2,494,584 |
Tier I Capital (to risk-weighted assets), Actual Ratio | 12.37% | 13.14% |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 1,175,150 | $ 1,139,377 |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 6.00% | 6.00% |
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount | $ 1,566,866 | $ 1,519,169 |
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 8.00% | 8.00% |
Tier I Common Capital (to risk-weighted assets), Actual Amount | $ 2,421,919 | $ 2,494,584 |
Tier I Common Capital (to rIsk-weighted assets), Actual Rato | 12.37% | 13.14% |
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 881,362 | $ 854,533 |
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Tier I Common Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount | $ 1,273,079 | $ 1,234,325 |
Tier I Common Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 6.50% | 6.50% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Amount | $ 2,421,919 | $ 2,494,584 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Ratio | 9.57% | 10.07% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Amount | $ 1,012,232 | $ 991,185 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Amount | $ 1,265,290 | $ 1,238,981 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Ratio | 5.00% | 5.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Revenue from Contracts with Customers (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019Rate | |
Revenue from Contract with Customer [Abstract] | |
Percent of Revenue not in scope of ASC 606 | 61.00% |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Revenue from Contracts with Customers (Reclassification of Bank Card Transaction Fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification of Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | $ 167,879 | $ 171,576 | $ 155,100 |
Non-interest income | 524,703 | 501,341 | 461,263 |
Data processing and software | 92,899 | 85,978 | 80,998 |
Other | 63,924 | 64,304 | 63,366 |
Noninterest Expense | $ 767,398 | $ 737,821 | 744,343 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Reclassification of Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 180,441 | ||
Non-interest income | 486,604 | ||
Data processing and software | 92,246 | ||
Other | 77,459 | ||
Noninterest Expense | 769,684 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Reclassification of Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | (25,341) | ||
Non-interest income | (25,341) | ||
Data processing and software | (11,248) | ||
Other | (14,093) | ||
Noninterest Expense | (25,341) | ||
Initial Application Period Cumulative Effect Transition [Domain] | |||
Reclassification of Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 155,100 | ||
Non-interest income | 461,263 | ||
Data processing and software | 80,998 | ||
Other | 63,366 | ||
Noninterest Expense | $ 744,343 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Revenue from Contracts with Customers (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Non-interest income | $ 524,703 | $ 501,341 | $ 461,263 |
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 483,891 | 467,304 | 425,077 |
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Bank Card Transaction Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 167,879 | 171,576 | 155,100 |
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Trust Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 155,628 | 147,964 | 135,159 |
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Deposit Account Charges and Other Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 95,983 | 94,517 | 90,060 |
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Consumer Brokerage Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 15,804 | 15,807 | 14,630 |
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Other Non-Interest Income [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | 48,597 | 37,440 | 30,128 |
Revenue Not In Scope of ASC 606 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-interest income | $ 40,812 | $ 34,037 | $ 36,186 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Revenue from Contracts with Customers (Schedule of Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Bank Card Transaction Fees [Member] | |||
Contract with Customer, Asset and Liability [Line Items] | |||
Contract with Customer, Receivable | $ 13,915 | $ 13,035 | $ 13,315 |
Trust Fees [Member] | |||
Contract with Customer, Asset and Liability [Line Items] | |||
Contract with Customer, Receivable | 2,093 | 2,721 | 2,802 |
Deposit Account Charges and Other Fees [Member] | |||
Contract with Customer, Asset and Liability [Line Items] | |||
Contract with Customer, Receivable | 6,523 | 6,107 | 5,597 |
Consumer Brokerage Services [Member] | |||
Contract with Customer, Asset and Liability [Line Items] | |||
Contract with Customer, Receivable | $ 596 | $ 559 | $ 380 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers Revenue from Contracts with Customers (Schedule of Bank Card Transaction Fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | $ 167,879 | $ 171,576 | $ 155,100 |
Debit Card [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 40,025 | 39,738 | 35,636 |
Debit Card [Member] | Fee income [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 42,106 | 41,522 | 40,134 |
Debit Card [Member] | Network Charges Expense [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | (2,081) | (1,784) | (4,498) |
Credit Card [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 14,177 | 12,965 | 14,576 |
Credit Card [Member] | Fee income [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 27,416 | 26,799 | 25,275 |
Credit Card [Member] | Network Charges and Rewards Expense [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | (13,239) | (13,834) | (10,699) |
Corporate Card Fees [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 94,388 | 99,640 | 84,819 |
Corporate Card Fees [Member] | Fee income [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 196,984 | 199,651 | 179,642 |
Corporate Card Fees [Member] | Network Charges and Rewards Expense [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | (102,596) | (100,011) | (94,823) |
Merchant Fees [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 19,289 | 19,233 | 20,069 |
Merchant Fees [Member] | Fee income [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | 31,517 | 30,241 | 31,863 |
Merchant Fees [Member] | Network Charges Expense [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | (3,449) | (3,177) | (3,566) |
Merchant Fees [Member] | Fees to Cardholder Banks [Member] | |||
Bank Card Transaction Fees [Line Items] | |||
Bank card transaction fees | $ (8,779) | $ (7,831) | $ (8,228) |
Revenue from Contracts with C_8
Revenue from Contracts with Customers Revenue from Contracts with Customers (Schedule of Trust Fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trust Fees [Line Items] | |||
Trust fees | $ 155,628 | $ 147,964 | $ 135,159 |
Private Client [Member] | |||
Trust Fees [Line Items] | |||
Trust fees | 118,832 | 111,533 | 100,358 |
Institutional [Member] | |||
Trust Fees [Line Items] | |||
Trust fees | 29,468 | 29,241 | 27,477 |
Other Trust Fees [Member] | |||
Trust Fees [Line Items] | |||
Trust fees | $ 7,328 | $ 7,190 | $ 7,324 |
Revenue from Contracts with C_9
Revenue from Contracts with Customers Revenue from Contracts with Customers (Schedule of Deposit Account Charges and Other Fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposit Account Charges and Other Fees [Line Items] | |||
Deposit account charges and other fees | $ 95,983 | $ 94,517 | $ 90,060 |
Corporate Cash Management [Member] | |||
Deposit Account Charges and Other Fees [Line Items] | |||
Deposit account charges and other fees | 41,442 | 38,468 | 36,044 |
Overdraft and Return Item [Member] | |||
Deposit Account Charges and Other Fees [Line Items] | |||
Deposit account charges and other fees | 30,596 | 31,468 | 30,576 |
Other Deposit Account Charges [Member] | |||
Deposit Account Charges and Other Fees [Line Items] | |||
Deposit account charges and other fees | $ 23,945 | $ 24,581 | $ 23,440 |
Revenue from Contracts with _10
Revenue from Contracts with Customers Revenue from Contracts with Customers (Schedule of Consumer Brokerage Services) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consumer Brokerage Services [Line Items] | |||
Brokerage Commissions Revenue | $ 15,804 | $ 15,807 | $ 14,630 |
Commission Income [Member] | |||
Consumer Brokerage Services [Line Items] | |||
Brokerage Commissions Revenue | 9,071 | 8,956 | 8,400 |
Managed Account Services [Member] | |||
Consumer Brokerage Services [Line Items] | |||
Brokerage Commissions Revenue | $ 6,733 | $ 6,851 | $ 6,230 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Private equity investments, included in non-marketable securities | $ 94,122 | $ 85,659 |
Fair Value Hierarchy, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Auction rate securities, available for sale | 9,900 | |
Private equity investments, included in non-marketable securities | $ 94,122 | $ 85,659 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | $ 9,181,000 | $ 13,529,000 |
U.S. government and federal agency obligations | 851,776,000 | 907,652,000 |
Government-sponsored enterprise obligations | 139,277,000 | 195,778,000 |
State and municipal obligations | 1,267,927,000 | 1,328,039,000 |
Agency mortgage-backed securities | 3,937,964,000 | 3,214,985,000 |
Non-agency mortgage-backed securities | 809,782,000 | 1,047,716,000 |
Asset-backed securities | 1,233,489,000 | 1,511,614,000 |
Other debt securities | 331,411,000 | 332,257,000 |
Trading securities | 28,161,000 | 27,059,000 |
Equity securities with readily determinable fair values | 2,929,000 | 2,585,000 |
Private equity investments | 94,122,000 | 85,659,000 |
Derivative Assets | 105,674,000 | 41,210,000 |
Deferred Compensation Plan Assets | 16,518,000 | 12,968,000 |
Total Assets | 8,828,211,000 | 8,721,051,000 |
Derivative Liability | 10,219,000 | 13,421,000 |
Deferred Compensation Liability, Current and Noncurrent | 16,518,000 | 12,968,000 |
Total liabilities | 26,737,000 | 26,389,000 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
U.S. government and federal agency obligations | 851,776,000 | 907,652,000 |
Government-sponsored enterprise obligations | 0 | 0 |
State and municipal obligations | 0 | 0 |
Agency mortgage-backed securities | 0 | 0 |
Non-agency mortgage-backed securities | 0 | 0 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Trading securities | 0 | 0 |
Equity securities with readily determinable fair values | 2,929,000 | 2,585,000 |
Private equity investments | 0 | 0 |
Derivative Assets | 0 | 0 |
Deferred Compensation Plan Assets | 16,518,000 | 12,968,000 |
Total Assets | 871,223,000 | 923,205,000 |
Derivative Liability | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 16,518,000 | 12,968,000 |
Total liabilities | 16,518,000 | 12,968,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 9,181,000 | 13,529,000 |
U.S. government and federal agency obligations | 0 | 0 |
Government-sponsored enterprise obligations | 139,277,000 | 195,778,000 |
State and municipal obligations | 1,258,074,000 | 1,313,881,000 |
Agency mortgage-backed securities | 3,937,964,000 | 3,214,985,000 |
Non-agency mortgage-backed securities | 809,782,000 | 1,047,716,000 |
Asset-backed securities | 1,233,489,000 | 1,511,614,000 |
Other debt securities | 331,411,000 | 332,257,000 |
Trading securities | 28,161,000 | 27,059,000 |
Equity securities with readily determinable fair values | 0 | 0 |
Private equity investments | 0 | 0 |
Derivative Assets | 105,075,000 | 40,627,000 |
Deferred Compensation Plan Assets | 0 | 0 |
Total Assets | 7,852,414,000 | 7,697,446,000 |
Derivative Liability | 9,989,000 | 13,328,000 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Total liabilities | 9,989,000 | 13,328,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
U.S. government and federal agency obligations | 0 | 0 |
Government-sponsored enterprise obligations | 0 | 0 |
State and municipal obligations | 9,853,000 | 14,158,000 |
Agency mortgage-backed securities | 0 | 0 |
Non-agency mortgage-backed securities | 0 | 0 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Trading securities | 0 | 0 |
Equity securities with readily determinable fair values | 0 | 0 |
Private equity investments | 94,122,000 | 85,659,000 |
Derivative Assets | 599,000 | 583,000 |
Deferred Compensation Plan Assets | 0 | 0 |
Total Assets | 104,574,000 | 100,400,000 |
Derivative Liability | 230,000 | 93,000 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Total liabilities | $ 230,000 | $ 93,000 |
Fair Value Measurements (Summ_2
Fair Value Measurements (Summary of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 100,307 | $ 73,271 |
Total gains or losses (realized/unrealized) included in earnings | (820) | 13,954 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 246 | (274) |
Investment securities called | (4,635) | (2,616) |
Discount accretion | 84 | 32 |
Purchases of private equity securities | 15,706 | 16,395 |
Sale / paydown of private equity securities | (6,548) | (371) |
Capitalized interest/dividends | 32 | 34 |
Purchase of risk participation agreement | 439 | 61 |
Sale of risk participation agreement | (467) | (179) |
Ending balance | 104,344 | 100,307 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | (1,720) | 14,512 |
State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 14,158 | 17,016 |
Total gains or losses (realized/unrealized) included in earnings | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 246 | (274) |
Investment securities called | (4,635) | (2,616) |
Discount accretion | 84 | 32 |
Purchases of private equity securities | 0 | 0 |
Sale / paydown of private equity securities | 0 | 0 |
Capitalized interest/dividends | 0 | 0 |
Purchase of risk participation agreement | 0 | 0 |
Sale of risk participation agreement | 0 | 0 |
Ending balance | 9,853 | 14,158 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | 0 | 0 |
Private Equity Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 85,659 | 55,752 |
Total gains or losses (realized/unrealized) included in earnings | (727) | 13,849 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Investment securities called | 0 | 0 |
Discount accretion | 0 | 0 |
Purchases of private equity securities | 15,706 | 16,395 |
Sale / paydown of private equity securities | (6,548) | (371) |
Capitalized interest/dividends | 32 | 34 |
Purchase of risk participation agreement | 0 | 0 |
Sale of risk participation agreement | 0 | 0 |
Ending balance | 94,122 | 85,659 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | (2,177) | 13,849 |
Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | 490 | 503 |
Total gains or losses (realized/unrealized) included in earnings | (93) | 105 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Investment securities called | 0 | 0 |
Discount accretion | 0 | 0 |
Purchases of private equity securities | 0 | 0 |
Sale / paydown of private equity securities | 0 | 0 |
Capitalized interest/dividends | 0 | 0 |
Purchase of risk participation agreement | 439 | 61 |
Sale of risk participation agreement | (467) | (179) |
Ending balance | 369 | 490 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | $ 457 | $ 663 |
Fair Value Measurements (Summ_3
Fair Value Measurements (Summary of Gains and Losses on Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||
Total gains or losses included in earnings | $ (820) | $ 13,954 |
Change in unrealized gains or losses relating to assets still held at period end | (1,720) | 14,512 |
Loans Fees And Sales [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Total gains or losses included in earnings | (77) | (45) |
Change in unrealized gains or losses relating to assets still held at period end | 458 | 535 |
Other Non-Interest Income [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Total gains or losses included in earnings | (16) | 150 |
Change in unrealized gains or losses relating to assets still held at period end | (1) | 128 |
Investment Securities Gains (Losses), Net [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Total gains or losses included in earnings | (727) | 13,849 |
Change in unrealized gains or losses relating to assets still held at period end | $ (2,177) | $ 13,849 |
Fair Value Measurements (Summ_4
Fair Value Measurements (Summary of Quantitative Information About Level 3 Fair Value Measurements) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Auction Rate Securities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Discounted Cash Flow, Valuation Techniques | Discounted cash flow |
Fair Value, Estimated Market Recovery Period, Years | 5 years |
Private Equity Funds [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Market Comparable Companies, Valuation Techniques | Market comparable companies |
Mortgage Loan Commitments [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Discounted Cash Flow, Valuation Techniques | Discounted cash flow |
Minimum [Member] | Auction Rate Securities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Estimated Market Recovery Period, Years | |
Fair Value, Estimated Market Rate, Percent | 3.40% |
Minimum [Member] | Private Equity Funds [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 4 |
Minimum [Member] | Mortgage Loan Commitments [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Probability of Funding | 47.80% |
Embedded Servicing Value, Mortgage Loan Commitments, Discounted Cash Flow | 0.00% |
Maximum [Member] | Auction Rate Securities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Estimated Market Rate, Percent | 3.70% |
Maximum [Member] | Private Equity Funds [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 6 |
Maximum [Member] | Mortgage Loan Commitments [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Probability of Funding | 100.00% |
Embedded Servicing Value, Mortgage Loan Commitments, Discounted Cash Flow | 2.30% |
Weighted Average [Member] | Mortgage Loan Commitments [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Weighted Average, Probability of Funding | 83.70% |
Weighted Average, Embedded Servicing Value | 1.20% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value Disclosures Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral dependent impaired loans, fair value | $ 422 | $ 294 |
Collateral dependent impaired loans, Total Gains (Losses) | (263) | (269) |
Mortgage servicing rights, fair value | 7,749 | 6,478 |
Mortgage servicing rights, Total Gains (Losses) | (327) | 9 |
Long Lived Assets Nonrecurring Basis, fair value | 1,098 | 914 |
Long Lived Assets Nonrecurring Basis Gains (Losses) | (362) | (552) |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral dependent impaired loans, fair value | 0 | 0 |
Mortgage servicing rights, fair value | 0 | 0 |
Long Lived Assets Nonrecurring Basis, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral dependent impaired loans, fair value | 0 | 0 |
Mortgage servicing rights, fair value | 0 | 0 |
Long Lived Assets Nonrecurring Basis, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral dependent impaired loans, fair value | 422 | 294 |
Mortgage servicing rights, fair value | 7,749 | 6,478 |
Long Lived Assets Nonrecurring Basis, fair value | $ 1,098 | $ 914 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Schedule Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 9,200 | |
Securities Purchased under Agreements to Resell | 850,000 | $ 700,000 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 395,850 | 689,876 |
Cash and due from banks | 491,615 | 507,892 |
Derivative Assets | 105,674 | 41,210 |
Deferred Compensation Plan Assets | 16,518 | 12,968 |
Total Assets | 8,828,211 | 8,721,051 |
Non-interest bearing deposits | 6,890,687 | 6,980,298 |
Savings, interest checking and money market deposits | 11,621,716 | 11,685,239 |
Certificates of deposit | 2,008,012 | |
Other borrowings | 2,418 | 8,702 |
Derivative Liability | 10,219 | 13,421 |
Deferred Compensation Liability, Current and Noncurrent | 16,518 | 12,968 |
Fair Value Hierarchy, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 0 | 0 |
Deferred Compensation Plan Assets | 16,518 | 12,968 |
Total Assets | 871,223 | 923,205 |
Derivative Liability | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 16,518 | 12,968 |
Fair Value Hierarchy, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 105,075 | 40,627 |
Deferred Compensation Plan Assets | 0 | 0 |
Total Assets | 7,852,414 | 7,697,446 |
Derivative Liability | 9,989 | 13,328 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Fair Value Hierarchy, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 599 | 583 |
Deferred Compensation Plan Assets | 0 | 0 |
Total Assets | 104,574 | 100,400 |
Derivative Liability | 230 | 93 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 14,737,817 | 14,140,298 |
Loans Held-for-sale, Fair Value Disclosure | 13,809 | 20,694 |
Investments, Fair Value Disclosure | 8,741,888 | 8,698,666 |
Federal funds sold | 0 | 3,320 |
Securities Purchased under Agreements to Resell | 850,000 | 700,000 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 395,850 | 689,876 |
Cash and due from banks | 491,615 | 507,892 |
Derivative Assets | 105,674 | 41,210 |
Deferred Compensation Plan Assets | 16,518 | 12,968 |
Total Assets | 25,353,171 | 24,814,924 |
Non-interest bearing deposits | 6,890,687 | 6,980,298 |
Savings, interest checking and money market deposits | 11,621,716 | 11,685,239 |
Certificates of deposit | 2,008,012 | 1,658,122 |
Federal Funds Purchased, Fair Value Disclosure | 20,035 | 13,170 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 1,830,737 | 1,943,219 |
Other borrowings | 988 | 8,702 |
Derivative Liability | 10,219 | 13,421 |
Deferred Compensation Liability, Current and Noncurrent | 16,518 | 12,968 |
Financial Liabilities Fair Value Disclosure | 22,398,912 | 22,315,139 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 5,565,449 | 5,106,427 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Real Estate - Construction And Land [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 899,377 | 869,659 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Real Estate - Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,833,554 | 2,875,788 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Real Estate - Personal [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,354,760 | 2,127,083 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Consumer [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,964,145 | 1,955,572 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Revolving Home Equity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 349,251 | 376,399 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Consumer Credit Card [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 764,977 | 814,134 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Overdrafts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 6,304 | 15,236 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 14,602,286 | 13,866,003 |
Loans Held-for-sale, Fair Value Disclosure | 13,809 | 20,694 |
Investments, Fair Value Disclosure | 8,741,888 | 8,698,666 |
Federal funds sold | 0 | 3,320 |
Securities Purchased under Agreements to Resell | 869,592 | 693,228 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 395,850 | 689,876 |
Cash and due from banks | 491,615 | 507,892 |
Derivative Assets | 105,674 | 41,210 |
Deferred Compensation Plan Assets | 16,518 | 12,968 |
Total Assets | 25,237,232 | 24,533,857 |
Non-interest bearing deposits | 6,890,687 | 6,980,298 |
Savings, interest checking and money market deposits | 11,621,716 | 11,685,239 |
Certificates of deposit | 2,022,629 | 1,663,748 |
Federal Funds Purchased, Fair Value Disclosure | 20,035 | 13,170 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 1,831,518 | 1,944,458 |
Other borrowings | 988 | 8,702 |
Derivative Liability | 10,219 | 13,421 |
Deferred Compensation Liability, Current and Noncurrent | 16,518 | 12,968 |
Financial Liabilities Fair Value Disclosure | 22,414,310 | 22,322,004 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 5,526,303 | 5,017,694 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Construction And Land [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 898,152 | 868,274 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,849,213 | 2,846,095 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Personal [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,333,002 | 2,084,370 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,938,505 | 1,916,627 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Revolving Home Equity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 344,424 | 365,069 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Credit Card [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 708,209 | 756,651 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Overdrafts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,478 | 11,223 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Investments, Fair Value Disclosure | 854,705 | 910,237 |
Federal funds sold | 0 | 3,320 |
Securities Purchased under Agreements to Resell | 0 | 0 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 395,850 | 689,876 |
Cash and due from banks | 491,615 | 507,892 |
Derivative Assets | 0 | 0 |
Deferred Compensation Plan Assets | 16,518 | 12,968 |
Total Assets | 1,758,688 | 2,124,293 |
Non-interest bearing deposits | 6,890,687 | 6,980,298 |
Savings, interest checking and money market deposits | 11,621,716 | 11,685,239 |
Certificates of deposit | 0 | 0 |
Federal Funds Purchased, Fair Value Disclosure | 20,035 | 13,170 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 |
Other borrowings | 0 | 0 |
Derivative Liability | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 16,518 | 12,968 |
Financial Liabilities Fair Value Disclosure | 18,548,956 | 18,691,675 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Real Estate - Construction And Land [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Real Estate - Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Real Estate - Personal [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Consumer [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Revolving Home Equity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Consumer Credit Card [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | Overdrafts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 13,809 | 20,694 |
Investments, Fair Value Disclosure | 7,738,158 | 7,643,290 |
Federal funds sold | 0 | 0 |
Securities Purchased under Agreements to Resell | 0 | 0 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 0 | 0 |
Cash and due from banks | 0 | 0 |
Derivative Assets | 105,075 | 40,627 |
Deferred Compensation Plan Assets | 0 | 0 |
Total Assets | 7,857,042 | 7,704,611 |
Non-interest bearing deposits | 0 | 0 |
Savings, interest checking and money market deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
Federal Funds Purchased, Fair Value Disclosure | 0 | 0 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 |
Other borrowings | 988 | 7,751 |
Derivative Liability | 9,989 | 13,328 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 10,977 | 21,079 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Real Estate - Construction And Land [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Real Estate - Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Real Estate - Personal [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Consumer [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Revolving Home Equity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Consumer Credit Card [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | Overdrafts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 14,602,286 | 13,866,003 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Investments, Fair Value Disclosure | 149,025 | 145,139 |
Federal funds sold | 0 | 0 |
Securities Purchased under Agreements to Resell | 869,592 | 693,228 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 0 | 0 |
Cash and due from banks | 0 | 0 |
Derivative Assets | 599 | 583 |
Deferred Compensation Plan Assets | 0 | 0 |
Total Assets | 15,621,502 | 14,704,953 |
Non-interest bearing deposits | 0 | 0 |
Savings, interest checking and money market deposits | 0 | 0 |
Certificates of deposit | 2,022,629 | 1,663,748 |
Federal Funds Purchased, Fair Value Disclosure | 0 | 0 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 1,831,518 | 1,944,458 |
Other borrowings | 0 | 951 |
Derivative Liability | 230 | 93 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 3,854,377 | 3,609,250 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 5,526,303 | 5,017,694 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Construction And Land [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 898,152 | 868,274 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Business [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,849,213 | 2,846,095 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Personal [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,333,002 | 2,084,370 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Consumer [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,938,505 | 1,916,627 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Revolving Home Equity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 344,424 | 365,069 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Consumer Credit Card [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 708,209 | 756,651 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Overdrafts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 4,478 | $ 11,223 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 4,525,856 | $ 3,254,921 |
Interest Rate Floor [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,500,000 | 1,000,000 |
Premium paid for interest rate floor cash flow hedge | $ 31,300 | |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 7 years | |
Net unrealized gain (loss) on interest rate floors | $ 40,400 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (4,100) | |
Interest Rate Floor [Member] | Interest Rate Floor 1 [Member] | ||
Derivative [Line Items] | ||
Derivative, Floor Interest Rate | 2.25% | |
Derivative, Effective Date | Jan. 1, 2020 | |
Derivative, Maturity Date | Jan. 1, 2026 | |
Interest Rate Floor [Member] | Interest Rate Floor 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Floor Interest Rate | 2.50% | |
Derivative, Effective Date | Jun. 1, 2020 | |
Derivative, Maturity Date | Jun. 1, 2026 | |
Interest Rate Floor [Member] | Interest Rate Floor 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Floor Interest Rate | 2.00% | |
Derivative, Effective Date | Dec. 15, 2020 | |
Derivative, Maturity Date | Dec. 15, 2026 | |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,606,181 | 2,006,280 |
Variation Margin Impact to Positive Fair Values of Cleared Swaps | (617) | (8,100) |
Variation Margin Impact to Negative Fair Values of Cleared Swaps | $ (28,500) | $ (6,500) |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Notional Amounts Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 4,525,856 | $ 3,254,921 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,606,181 | 2,006,280 |
Interest Rate Floor [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,500,000 | 1,000,000 |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 59,316 | 62,163 |
Credit Risk Participation Agreements [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 316,225 | 143,460 |
Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 10,936 | 6,206 |
Mortgage Loan Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 13,755 | 14,544 |
Mortgage Loan Forward Sale Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,943 | 5,768 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 17,500 | $ 16,500 |
Derivative Instruments (Sched_2
Derivative Instruments (Schedule Of Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Other assets | $ 105,674 | $ 41,210 |
Other liabilities | (10,219) | (13,421) |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 67,192 | 29,031 |
Other liabilities | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Floor [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 67,192 | 29,031 |
Other liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 38,482 | 12,179 |
Other liabilities | (10,219) | (13,421) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 37,774 | 11,537 |
Other liabilities | (9,916) | (13,110) |
Not Designated as Hedging Instrument [Member] | Interest Rate Caps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 4 | 24 |
Other liabilities | (4) | (24) |
Not Designated as Hedging Instrument [Member] | Credit Risk Participation Agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 140 | 47 |
Other liabilities | (230) | (93) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 97 | 20 |
Other liabilities | (32) | (8) |
Not Designated as Hedging Instrument [Member] | Mortgage Loan Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 459 | 536 |
Other liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Mortgage Loan Forward Sale Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 6 | 15 |
Other liabilities | (2) | (8) |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other assets | 2 | 0 |
Other liabilities | $ (35) | $ (178) |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Summary of Cash Flow Hedge Activity) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Cash Flow Hedge Activity [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 27,481 | $ 8,381 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 50,327 | 0 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | (22,846) | 8,381 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (3,793) | (760) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, before Tax | (3,793) | (760) |
Interest Rate Floor [Member] | ||
Summary of Cash Flow Hedge Activity [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 27,481 | 8,381 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 50,327 | 0 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | (22,846) | 8,381 |
Interest and Fee Income on Loans [Member] | Interest Rate Floor [Member] | ||
Summary of Cash Flow Hedge Activity [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (3,793) | (760) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, before Tax | $ (3,793) | $ (760) |
Derivative Instruments (Summary
Derivative Instruments (Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 3,852 | $ 4,480 | $ 1,580 |
Other Non-Interest Income [Member] | Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 4,732 | 3,914 | 1,978 |
Other Non-Interest Income [Member] | Interest Rate Caps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 11 | 0 |
Other Non-Interest Income [Member] | Credit Risk Participation Agreements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | (16) | 150 | 35 |
Other Non-Interest Income [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 53 | 31 | (80) |
Loans Fees And Sales [Member] | Mortgage Loan Commitments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | (77) | (45) | 231 |
Loans Fees And Sales [Member] | Mortgage Loan Forward Sale Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | (3) | 5 | 64 |
Loans Fees And Sales [Member] | Forward Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (837) | $ 414 | $ (648) |
Derivative Instruments Deriva_2
Derivative Instruments Derivative Instruments (Balance Sheet Offsetting) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Balance Sheet Offsetting [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 105,674 | $ 41,210 |
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 |
Derivative Assets | 105,674 | 41,210 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 10,219 | 13,421 |
Derivative Liability, Amount Offset by Asset | 0 | 0 |
Derivative Liability | 10,219 | 13,421 |
Derivative Subject to Master Netting Agreement [Member] | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 105,147 | 40,613 |
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 |
Derivative Asset, Noncurrent | 105,147 | 40,613 |
Derivative Asset, Not Offset, Policy Election Deduction | (8,104) | (2,992) |
Derivative Asset, Fair Value of Collateral | (59,525) | (26,174) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 37,518 | 11,447 |
Derivative Liability, Fair Value, Gross Liability | 10,083 | 13,333 |
Derivative Liability, Amount Offset by Asset | 0 | 0 |
Derivative Liability, Noncurrent | 10,083 | 13,333 |
Derivative Liability, Not Offset, Policy Election Deduction | (8,104) | (2,992) |
Derivative Liability, Fair Value of Collateral | (437) | (261) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,542 | 10,080 |
Derivative Not Subject to Master Netting Agreement [Member] | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 527 | 597 |
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 |
Derivative Asset, Not Subject to Master Netting Arrangement | 527 | 597 |
Derivative Liability, Fair Value, Gross Liability | 136 | 88 |
Derivative Liability, Amount Offset by Asset | 0 | 0 |
Derivative Liability, Not Subject to Master Netting Arrangement | $ 136 | $ 88 |
Resale and Repurchase Agreeme_3
Resale and Repurchase Agreements (Details) - Collateral Swap [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Collateral swap agreements | $ 200 | $ 450 |
Collateral Already Posted, Aggregate Fair Value | 204.3 | |
Collateral Accepted, Aggregate Fair Value | $ 209.6 |
Resale and Repurchase Agreeme_4
Resale and Repurchase Agreements Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Resale agreement [Member] | ||
Balance Sheet Offsetting [Line Items] | ||
Securities Purchased under Agreements to Resell, Gross | $ 1,050,000 | $ 1,150,000 |
Securities Purchased under Agreements to Resell, Liability | (200,000) | (450,000) |
Securities purchased under agreements to resell, net | 850,000 | 700,000 |
Securities Purchased under Agreements to Resell, Not Subject to Master Netting Arrangement | 0 | 0 |
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities | (850,000) | (700,000) |
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 |
Repurchase agreement [Member] | ||
Balance Sheet Offsetting [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 2,030,737 | 2,393,219 |
Securities Sold under Agreements to Repurchase, Asset | (200,000) | (450,000) |
Securities sold under agreements to repurchase, net | 1,830,737 | 1,943,219 |
Securities Sold under Agreements to Repurchase, Not Subject to Master Netting Arrangement | 0 | 0 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | (1,830,737) | (1,943,219) |
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | $ 0 | $ 0 |
Resale and Repurchase Agreeme_5
Resale and Repurchase Agreements Schedule of Underlying Assets of Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Maturity Overnight [Member] | US Treasury and Government [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 526,283 | $ 387,541 |
Maturity Overnight [Member] | US Government-sponsored Enterprise Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 32,575 | 18,466 |
Maturity Overnight [Member] | Agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 973,774 | 882,744 |
Maturity Overnight [Member] | Non-agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 71,399 | 187,740 |
Maturity Overnight [Member] | Asset-backed Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 60,012 | 322,680 |
Maturity Overnight [Member] | Other Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 50,375 | 98,522 |
Maturity Overnight [Member] | Repurchase Agreements [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 1,714,418 | 1,897,693 |
Maturity up to 90 days [Member] | US Treasury and Government [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 150,000 |
Maturity up to 90 days [Member] | US Government-sponsored Enterprise Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity up to 90 days [Member] | Agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 48,517 | 31,774 |
Maturity up to 90 days [Member] | Non-agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity up to 90 days [Member] | Asset-backed Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 40,000 | 0 |
Maturity up to 90 days [Member] | Other Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity up to 90 days [Member] | Repurchase Agreements [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 88,517 | 181,774 |
Maturity Greater than 90 Days [Member] | US Treasury and Government [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 100,000 |
Maturity Greater than 90 Days [Member] | US Government-sponsored Enterprise Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | Agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 227,802 | 213,752 |
Maturity Greater than 90 Days [Member] | Non-agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | Asset-backed Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | Other Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | Repurchase Agreements [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 227,802 | 313,752 |
Total Repurchase Agreements [Member] [Domain] | US Treasury and Government [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 526,283 | 637,541 |
Total Repurchase Agreements [Member] [Domain] | US Government-sponsored Enterprise Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 32,575 | 18,466 |
Total Repurchase Agreements [Member] [Domain] | Agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 1,250,093 | 1,128,270 |
Total Repurchase Agreements [Member] [Domain] | Non-agency mortgage-backed securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 71,399 | 187,740 |
Total Repurchase Agreements [Member] [Domain] | Asset-backed Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 100,012 | 322,680 |
Total Repurchase Agreements [Member] [Domain] | Other Debt Securities [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 50,375 | 98,522 |
Total Repurchase Agreements [Member] [Domain] | Repurchase Agreements [Member] | ||
Schedule of Underlying Assets of Repurchase Agreements [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 2,030,737 | $ 2,393,219 |
Commitments, Contingencies An_3
Commitments, Contingencies And Guarantees (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding purchase commitments expected to fund in the next 12 months | $ 160,900 | |
Notional amount of underlying swaps | 4,525,856 | $ 3,254,921 |
Financial Standby Letter of Credit [Member] | ||
Carrying value of the guarantee obligations, liability | 2,600 | |
Commitments outstanding | 377,338 | $ 353,905 |
State Tax Credits [Member] | ||
Purchases of state tax credits | 90,600 | |
Sales of state tax credits | 84,900 | |
Risk Participation Agreement [Member] | ||
Carrying value of the guarantee obligations, liability | 230 | |
Notional amount of underlying swaps | $ 208,900 | |
Risk Participation Agreement [Member] | Minimum [Member] | ||
Risk Participation Agreements, Term | 3 years | |
Risk Participation Agreement [Member] | Maximum [Member] | ||
Risk Participation Agreements, Term | 11 years |
Commitments, Contingencies An_4
Commitments, Contingencies And Guarantees (Schedule Of Off-Balance Sheet Instruments Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commercial letters of credit | $ 7,050 | $ 13,774 |
Credit Card [Member] | ||
Commitments to extend credit | 5,063,166 | 5,328,502 |
Other [Member] | ||
Commitments to extend credit | 6,123,264 | 5,840,967 |
Financial Standby Letter of Credit [Member] | ||
Standby letters of credit, net of participations | $ 377,338 | $ 353,905 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tower Property [Member] | |||
Percentage of Tower stock owned by the Company's Executive Officers | 67.00% | ||
Company stock owned by Tower | 211,996 | ||
Tower's long-term line of credit with the Bank | $ 13,500,000 | ||
Tower's line of credit, maximum borrowing amount (based on collateral) | 11,500,000 | ||
Tower's maximum amount outstanding on the line of credit during period | 0 | $ 0 | $ 5,200,000 |
Tower's line of credit, current balance | 0 | 0 | 0 |
Tower's letters of credit outstanding, amount | 0 | 0 | 0 |
Tower's line of credit facility, commitment fee amount | 0 | 0 | 0 |
Tower's long-term construction loan | 0 | 0 | 0 |
Rent paid to the Company by Tower | $ 75,000 | $ 74,000 | $ 74,000 |
Rent per square foot | 17 | 16.69 | 15.75 |
Executive Chairman [Member] | |||
State tax credits sold by the Company to related party | $ 865,000 | $ 831,000 | $ 694,000 |
Former Vice Chairman [Member] | |||
State tax credits sold by the Company to related party | 663,000 | 759,000 | 598,000 |
Chief Executive Officer [Member] | |||
State tax credits sold by the Company to related party | 166,000 | 119,000 | 67,000 |
Chief Credit Officer [Member] | |||
State tax credits sold by the Company to related party | $ 83,000 | $ 0 | $ 0 |
Related Parties (Schedule Of Re
Related Parties (Schedule Of Related Party Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total | $ 2,733 | $ 2,480 | $ 2,446 |
Leasing Agent Fees [Member] | |||
Total | 154 | 133 | 32 |
Operation Of Parking Garages [Member] | |||
Total | 118 | 95 | 82 |
Building Management Fees [Member] | |||
Total | 2,001 | 1,935 | 1,954 |
Property Construction Management Fees [Member] | |||
Total | 250 | 136 | 146 |
Dividends Paid On Company Stock Held By Tower [Member] | |||
Total | $ 210 | $ 181 | $ 232 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Statements (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments in marketable common and preferred stock | $ 2,929,000 | $ 2,585,000 | |
Non-agency mortgage-backed securities | 809,782,000 | 1,047,716,000 | |
Commerce Bancshares, Inc. (Parent) [Member] | |||
Note receivable due from bank subsidiary | 50,000,000 | 50,000,000 | $ 50,000,000 |
Parent's line of credit facility with the Bank, maximum borrowing capacity | 20,000,000 | ||
Parent line of credit with Bank, borrowings during period | 0 | $ 0 | $ 0 |
Investments in marketable common and preferred stock | 2,800,000 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 188,000 | ||
Non-agency mortgage-backed securities | $ 1,400,000 |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Statements (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity Securities, FV-NI and without Readily Determinable Fair Value | $ 4,209 | $ 4,409 | |
Other assets | 476,400 | 382,194 | |
Total assets | 26,065,789 | 25,463,842 | |
Other liabilities | 553,712 | 237,943 | |
Total liabilities | 22,927,317 | 22,526,693 | |
Stockholders’ equity | 3,134,684 | 2,931,298 | |
Total liabilities and equity | 26,065,789 | 25,463,842 | |
Commerce Bancshares, Inc. (Parent) [Member] | |||
Investment in consolidated subsidiary, Banks | 2,687,692 | 2,587,489 | |
Investment in consolidated subsidiaries, Non-banks | 71,290 | 67,538 | |
Cash | 301,913 | 207,462 | |
Available for sale securities | 1,399 | 2,576 | |
Equity Securities, FV-NI and without Readily Determinable Fair Value | 2,969 | 3,191 | |
Note receivable due from bank subsidiary | 50,000 | 50,000 | $ 50,000 |
Advances to subsidiaries, net of borrowings | 26,097 | 19,867 | |
Income tax benefits | 9,973 | 8,590 | |
Other assets | 23,528 | 23,734 | |
Total assets | 3,174,861 | 2,970,447 | |
Pension obligation | 13,028 | 12,645 | |
Other liabilities | 27,149 | 26,504 | |
Total liabilities | 40,177 | 39,149 | |
Stockholders’ equity | 3,134,684 | 2,931,298 | |
Total liabilities and equity | $ 3,174,861 | $ 2,970,447 |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Statements (Condensed Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividends on investment securities | $ 237,487 | $ 240,187 | $ 214,689 |
Salaries and employee benefits | 492,927 | 468,194 | 448,321 |
Data processing fees paid to affiliates | 92,899 | 85,978 | 80,998 |
Community Service | 2,446 | 2,445 | 34,377 |
Other | 63,924 | 64,304 | 63,366 |
Total non-interest expense | 767,398 | 737,821 | 744,343 |
Income tax expense (benefit) | 109,074 | 105,949 | 110,506 |
NET INCOME ATTRIBUTABLE TO COMMERCE BANCSHARES, INC. | 421,231 | 433,542 | 319,383 |
Commerce Bancshares, Inc. (Parent) [Member] | |||
Dividends received from consolidated subsidiary banks | 500,000 | 200,000 | 160,002 |
Earnings of consolidated subsidiaries, net of dividends | (79,641) | 233,785 | 147,678 |
Interest and dividends on investment securities | 1,698 | 10,698 | 2,099 |
Management fees charged subsidiaries | 36,776 | 37,688 | 30,431 |
Investment securities gains (losses) | 3,572 | (4,581) | 41,717 |
Net interest income on advances and note to subsidiaries | 1,208 | 1,299 | 514 |
Other | 4,700 | 2,390 | 3,346 |
Total income | 468,313 | 481,279 | 385,787 |
Salaries and employee benefits | 32,882 | 33,588 | 33,714 |
Professional fees | 2,050 | 2,383 | 2,036 |
Data processing fees paid to affiliates | 3,142 | 3,341 | 3,512 |
Community Service | 87 | 152 | 32,093 |
Other | 13,019 | 10,729 | 10,671 |
Total non-interest expense | 51,180 | 50,193 | 82,026 |
Income tax expense (benefit) | (4,098) | (2,456) | (15,622) |
NET INCOME ATTRIBUTABLE TO COMMERCE BANCSHARES, INC. | $ 421,231 | $ 433,542 | $ 319,383 |
Parent Company Condensed Fina_6
Parent Company Condensed Financial Statements (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
OPERATING ACTIVITIES: | ||||
Net income | $ 422,712 | $ 438,214 | $ 319,900 | |
Other changes, net | (73,363) | (5,992) | (13,259) | |
Net cash provided by (used in) operating activities | 512,794 | 552,660 | 426,527 | |
INVESTING ACTIVITIES | ||||
Proceeds from sales of available for sale securities | [1] | 413,203 | 708,864 | 792,380 |
Proceeds from maturities/pay downs of available for sale securities | [1] | 1,558,244 | 1,510,985 | 1,899,640 |
Purchases of investment securities | [1] | (1,863,180) | (2,090,333) | (1,853,817) |
Purchases of land, buildings and equipment | (42,575) | (33,294) | (30,824) | |
Net cash provided by (used in) investing activities | (730,165) | (91,024) | 220,720 | |
FINANCING ACTIVITIES | ||||
Purchases of treasury stock | (134,904) | (75,231) | (17,771) | |
Accelerated stock repurchase agreement | (150,000) | 0 | 0 | |
Cash dividends paid on common stock | (113,466) | (100,238) | (91,619) | |
Cash dividends paid on preferred stock | (9,000) | (9,000) | (9,000) | |
Net cash provided by (used in) financing activities | (84,061) | 223,252 | (924,536) | |
Increase (decrease) in cash and cash equivalents | (301,432) | 684,888 | (277,289) | |
Income tax payments (receipts), net | 76,168 | 84,172 | 120,744 | |
Commerce Bancshares, Inc. (Parent) [Member] | ||||
OPERATING ACTIVITIES: | ||||
Net income | 421,231 | 433,542 | 319,383 | |
Earnings of consolidated subsidiaries, net of dividends | 79,641 | (233,785) | (147,678) | |
Other changes, net | 2,491 | 2,505 | (11,268) | |
Net cash provided by (used in) operating activities | 503,363 | 202,262 | 160,437 | |
INVESTING ACTIVITIES | ||||
(Increase) decrease in securities purchased under agreements to resell | 0 | 0 | 155,775 | |
(Increase) decrease in investment in subsidiaries, net | (12) | 0 | 11 | |
Proceeds from sales of available for sale securities | 3,856 | 41,638 | 11,006 | |
Proceeds from maturities/pay downs of available for sale securities | 1,150 | 1,988 | 2,295 | |
Purchases of investment securities | (63) | (125) | 0 | |
Origination of Notes Receivable from Related Parties | 0 | 0 | (50,000) | |
(Increase) decrease in advances to subsidiaries, net | (6,230) | (5,296) | (9,518) | |
Purchases of land, buildings and equipment | (235) | (133) | (52) | |
Net cash provided by (used in) investing activities | (1,534) | 38,072 | 109,517 | |
FINANCING ACTIVITIES | ||||
Purchases of treasury stock | (134,904) | (75,231) | (17,771) | |
Accelerated stock repurchase agreement | (150,000) | 0 | 0 | |
Issuance of stock under equity compensation plans | (8) | (10) | (8) | |
Cash dividends paid on common stock | (113,466) | (100,238) | (91,619) | |
Cash dividends paid on preferred stock | (9,000) | (9,000) | (9,000) | |
Net cash provided by (used in) financing activities | (407,378) | (184,479) | (118,398) | |
Increase (decrease) in cash and cash equivalents | 94,451 | 55,855 | 151,556 | |
Cash and cash equivalents at beginning of year | 207,462 | 151,607 | 51 | |
Cash and cash equivalents at end of year | 301,913 | 207,462 | 151,607 | |
Income tax payments (receipts), net | $ (2,337) | $ (1,965) | $ (8,991) | |
[1] | Available for sale debt securities, equity securities, and other securities. |